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Original title:
Prioritized examination and its impact on commercialization of patents
Authors: Hrendash, Taras
Document type: Research reports
Year: 2019
Language: eng
Series: CERGE-EI Working Paper Series, volume: 638
Abstract: Patents play an important role in facilitating transfers of knowledge, and enable commercialization of innovative ideas by reducing information asymmetry between potential buyers and sellers on the market for technology. The crucial question, however, is how quickly innovative ideas can be patented. Previous research has shown that the probability of commercialization for pending\napplications peaks immediately after the patent allowance event (Gans, Hsu & Stern, 2008). But does the length of pendency of an application at a patent office also affect the overall saleability of a technology and create some frictions on the market for technology? In this paper, we exploit the introduction of the USPTO’s Prioritized Examination (Track One) Program to capture the impact of shortened pendency on the likelihood that a pending or granted patent will be commercialized via the transfer of property rights. Using the differencein-differences approach, we compare the average saleability of patents, which we assign into three groups according to their predicted propensity for prioritization before and after the program start date. We find that introduction of the Track One program has significantly increased the probability of commercial reassignment of applications that were more likely to be prioritized. Our results suggest that the policy implemented by the USPTO and shortened pendency of applications, in general, may reduce frictions on the market for technology and facilitate commercialization of innovations.
Keywords: experimental economics; government transfers
Institution: Economics Institute AS ČR (web)
Document availability information: Fulltext is available at external website.
External URL: https://www.cerge-ei.cz/pdf/wp/Wp638.pdf
Original record: http://hdl.handle.net/11104/0302846
Permalink: http://www.nusl.cz/ntk/nusl-408959
The record appears in these collections:
Research > Institutes ASCR > Economics Institute
Reports > Research reports
Authors: Hrendash, Taras
Document type: Research reports
Year: 2019
Language: eng
Series: CERGE-EI Working Paper Series, volume: 638
Abstract: Patents play an important role in facilitating transfers of knowledge, and enable commercialization of innovative ideas by reducing information asymmetry between potential buyers and sellers on the market for technology. The crucial question, however, is how quickly innovative ideas can be patented. Previous research has shown that the probability of commercialization for pending\napplications peaks immediately after the patent allowance event (Gans, Hsu & Stern, 2008). But does the length of pendency of an application at a patent office also affect the overall saleability of a technology and create some frictions on the market for technology? In this paper, we exploit the introduction of the USPTO’s Prioritized Examination (Track One) Program to capture the impact of shortened pendency on the likelihood that a pending or granted patent will be commercialized via the transfer of property rights. Using the differencein-differences approach, we compare the average saleability of patents, which we assign into three groups according to their predicted propensity for prioritization before and after the program start date. We find that introduction of the Track One program has significantly increased the probability of commercial reassignment of applications that were more likely to be prioritized. Our results suggest that the policy implemented by the USPTO and shortened pendency of applications, in general, may reduce frictions on the market for technology and facilitate commercialization of innovations.
Keywords: experimental economics; government transfers
Institution: Economics Institute AS ČR (web)
Document availability information: Fulltext is available at external website.
External URL: https://www.cerge-ei.cz/pdf/wp/Wp638.pdf
Original record: http://hdl.handle.net/11104/0302846
Permalink: http://www.nusl.cz/ntk/nusl-408959
The record appears in these collections:
Research > Institutes ASCR > Economics Institute
Reports > Research reports
Record created 2020-01-13, last modified 2021-11-24