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The Social Welfare Implications of Intellectual Property Protection: Imitation and Going Off Patent

In: Regulating Agricultural Biotechnology: Economics and Policy

Author

Listed:
  • James F. Oehmke

    (Michigan Stale University)

Abstract

Successful biotechnology innovations have captured significant market shares and are thought to lead to non-competitive input markets. These market structures are determined not just by the current innovation, but also by the history of prior innovation and the potential for future innovation or imitation. This paper examines the relationships among future innovation or imitation, current market structure, and the social welfare. Model results suggest that the social welfare effects of going off patent can be larger than those generated by the discovery itself, especially when a private-sector firm extracts a majority of the generated social surplus in the form of rents.

Suggested Citation

  • James F. Oehmke, 2006. "The Social Welfare Implications of Intellectual Property Protection: Imitation and Going Off Patent," Natural Resource Management and Policy, in: Richard E. Just & Julian M. Alston & David Zilberman (ed.), Regulating Agricultural Biotechnology: Economics and Policy, chapter 0, pages 437-455, Springer.
    • Handle: RePEc:spr:nrmchp:978-0-387-36953-2_20
    DOI: 10.1007/978-0-387-36953-2_20
    as

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