First-to-invent versus first-to-file : international patent law harmonization and innovation

The U.S. has been under pressure to abandon the unique first-to-invent feature of its patent law for awarding patents. The opposition to reform however argues that switch to a first-to-file rule, the international norm, will undermine innovation. We evaluate this argument in a dynamic stochastic model of a patent race. The result generally supports the opposition’s argument. -- first-to-file ; first-to-invent ; patent law harmonization ; innovation ; U.S. patent law