In this article we report on the results of an experiment we performed to determine whether transactions in intellectual property (IP) are subject to the valuation anomalies commonly referred to as “endowment effects”. Traditional conceptions of the value of IP rely on assumptions about...

The ultimate end of patent law must be to spur innovations that improve human welfare — innovations that make people better off. But firms will only invest resources in developing patentable inventions that will allow them to make money — that is, inventions that people will want to use and...

Copyright law seeks a balance between private incentives to create new works, and public access to the works created. To achieve this balance, copyright law must be based on a theory of harm - i.e., we must understand the kinds of uses that cause significant harm to authors’ incentives, and...