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A New Empirical Index to Track the Technological Novelty of Inventions: A Sector Level Analysis

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  • Yuan Gao

    (School of Economics, University of East Anglia)

  • Emiliya Lazarova

    (School of Economics, University of East Anglia)

Abstract

We propose the Knowledge Origin Re-Combination Index (KORCI) to measure the ex-ante technological novelty of inventions at the sectoral level. The index is developed through the intertemporal comparison of a sequence of networks, which represents the complex 10 connections between the technological components listed in subsequent cohorts of patent applications in the sector. Using patent data from three sectors, we are the first to document the cyclical nature of the evolution of ex-ante technological novelty. Further investigation into the correlation between KORCI and patent application growth rates suggests that this relation, however, is sector-specific. This suggests that the relation between the degree of ex-ante 15 technological novelty and invention activities depends on the specific drivers of innovation in the sector – whether it is process-based or application-based.

Suggested Citation

  • Yuan Gao & Emiliya Lazarova, 2022. "A New Empirical Index to Track the Technological Novelty of Inventions: A Sector Level Analysis," University of East Anglia School of Economics Working Paper Series 2022-08, School of Economics, University of East Anglia, Norwich, UK..
    • Handle: RePEc:uea:ueaeco:2022-08
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    References listed on IDEAS

    as
    1. Verhoeven, Dennis & Bakker, Jurriën & Veugelers, Reinhilde, 2016. "Measuring technological novelty with patent-based indicators," Research Policy, Elsevier, vol. 45(3), pages 707-723.
    2. Stéphane Maraut & Hélène Dernis & Colin Webb & Vincenzo Spiezia & Dominique Guellec, 2008. "The OECD REGPAT Database: A Presentation," OECD Science, Technology and Industry Working Papers 2008/2, OECD Publishing.
    3. Silvestri, Daniela & Riccaboni, Massimo & Della Malva, Antonio, 2018. "Sailing in all winds: Technological search over the business cycle," Research Policy, Elsevier, vol. 47(10), pages 1933-1944.
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