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This paper examines how the role of patents and utility models in innovation and economic growth varies by level of economic development. Using a panel dataset of over 70 countries, we find that patent protection is an important determinant of innovation and that patentable innovations contribute to economic growth in developed countries, but not in developing. Instead, in developing economies, a...
In the presence of imitation risks, a value-maximizing firm intertemporally smooths those risks across current and future new technologies. Thus changes in patent protection levels can affect the timing of innovation by affecting an agent's motive for imitation-risk smoothing.
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