The protection that innovators obtain through intellectual property rights crucially depends on their incentives and ability to litigate infringers. Taking patents as a notable example, we study how the financing of legal costs can alter the incentives to litigate in defence of a patent and,...

This paper presents a model of cumulative innovation where firms are heterogeneous in their research ability. We study the optimal reward policy when the quality of the ideas and their subsequent development effort are private information. The optimal assignment of property rights must...

This survey article summarizes the findings of four research projects on the venture capital industry in Europe and the role played by legal institutions and the legal framework. A study on patent litigation insurance argues that insurance can create a level playing field for small innovators,...

We find that the protection against subsequent innovators is counterproductive for innovation and welfare, while some (generally not full) protection against imitation is good in both dimensions. We also find that the net welfare gains from increasing IP protection are increasing with the...

Este trabajo estudia la rentabilidad financiera y social de la alta velocidad ferroviaria en España. El análisis se realiza para los cuatro corredores en funcionamiento a finales de 2013. Ambos análisis son contrafactuales, es decir, toman como punto de referencia lo que habría sucedido en...

This paper presents a model of patent licensing in a standard setting context when patented technologies are heterogeneous in multiple dimensions. The model allows us to assess a policy proposal put forth in the literature: that an incremental value pricing rule should define Fair, Reasonable,...

type="main" <p>Formal, cooperative standard setting continues to grow in importance for the global economy. And as standards become more pervasive, the stakes rise for all participants. It is not surprising then that many standards are covered by intellectual property rights, that battles over the...</p>

This article proposes a novel approach to assess the dynamic effect that advertising expenditures have regarding which products consumers include in their choice sets. In a discrete-choice model consumers face choice sets that evolve according to their awareness of each product. Advertising...