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Welfare-maximizing patent length in a dynamic general equilibrium model

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  • Tatsuro Iwaisako

Abstract

This article examines analytically the welfare-maximizing patent length in a dynamic general equilibrium model which is based on a variety expansion R&D-based growth model. The results show that if the elasticity of substitution among the intermediate goods is higher, that is, the price elasticity of demand is higher, the welfare-maximizing patent length is shorter. This article also examines the welfare-maximizing mix of patent length and breadth, and numerically obtains similar results, that is, a higher elasticity of substitution shortens the welfare-maximizing length.

Suggested Citation

  • Tatsuro Iwaisako, 2025. "Welfare-maximizing patent length in a dynamic general equilibrium model," Oxford Economic Papers, Oxford University Press, vol. 77(1), pages 19-41.
    • Handle: RePEc:oup:oxecpp:v:77:y:2025:i:1:p:19-41.
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    File URL: http://hdl.handle.net/10.1093/oep/gpae015
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    More about this item

    Keywords

    patent protection; research and development; economic growth; dynamic general equilibrium;
    All these keywords.

    JEL classification:

    • L50 - Industrial Organization - - Regulation and Industrial Policy - - - General
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes
    • O34 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Intellectual Property and Intellectual Capital
    • O41 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models

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