This paper applies and empirically tests a real options approach to conceptualizing the value of patents. Based on a theorem derived by Merton (1973), we propose that greater dispersion in the citations of a firm's patents represents greater flexibility for the firm to exercise the option rights...

The impacts of two recent changes in US patent policy depend on the length of time it takes for an invention to go through the examination process. Concerns over the distributional effects of these changes were expressed during policy debates. We use data on U.S. patent applications and grants...

The impacts of two recent changes in US patent policy depend on the length of time it takes for an invention to go through the examination process. Concerns over the distributional effects of these changes were expressed during policy debates. We use data on U.S. patent applications and grants...

This article examines the relationship between Research & Development (R&D) funding and the production of knowledge by academic chemists. Using articles published, either raw counts or adjusted for quality, we find a strong, positive causal effect of funding on knowledge production. This effect...

This article examines the relationship between Research & Development (R&D) funding and the production of knowledge by academic chemists. Using articles published, either raw counts or adjusted for quality, we find a strong, positive causal effect of funding on knowledge production. This effect...