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Is There a Market for Patents?

In: Patent Intermediaries

Author

Listed:
  • Mario Benassi

    (University of Milan)

  • Miryam Martin-Sanchez

    (University of Milan
    Comillas Pontifical University-ICADE)

Abstract

This chapter aims to answer a straightforward question: is there a market for patents? To do so, the chapter introduces the concept of the market and explains its main features from a theoretical perspective. It then describes the way markets function in practice, the importance of their evolution, and their interaction with global trends. After establishing the foundations of a broad conception of the market, the discussion delves into the more specific case of the market for patents. It presents the reasons for and against viewing the market for patents as just like any other market, provides evidence for the existence of a market for patents, and ends by presenting the dichotomy of views of the benefits derived from participating in the market for patents. Reasons are provided as to why the players in the markets should engage in the transactions of probabilistic rights but also why markets for patents are an imperfect solution—why they are, like other existing markets, far from achieving an ideal state. Small numbers, limited and imperfect information, unknown price, value uncertainty, and high transaction costs are the main reasons why the market for patents is largely imperfect and inefficient.

Suggested Citation

  • Mario Benassi & Miryam Martin-Sanchez, 2022. "Is There a Market for Patents?," Springer Books, in: Patent Intermediaries, chapter 3, pages 51-76, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-10310-0_3
    DOI: 10.1007/978-3-031-10310-0_3
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