Methods and Applications
New Horizons in Intellectual Property series
Edited by Federico Munari and Raffaele Oriani
Federico Munari, Raffaele Oriani 1.1 INTRODUCTION The shift towards a knowledge-based economy has enhanced patent relevance for firms’ strategic decisions and economic performance. Understanding and assessing the economic value of patents has therefore become critical in a wide variety of contexts and for a broad set of stakeholders. However, the valuation of patents still presents specific challenges and differences from the valuation of other assets mainly related to their intangible nature, the complex effects that they have on firm performance and the high uncertainty that typically affects their expected returns. This chapter is intended as an introduction to the key issues related to the valuation of patents, that will be further discussed in the following chapters. It therefore provides a general overview of the main themes that will be discussed and developed in this book. The chapter is organized as follows. In 1.2, it discusses the growing importance of patents in the knowledge-based economy and the rising need for their proper valuation. In 1.3, after clarifying the concept of patent value from an economic perspective, it summarizes the existing methods for valuing patents, introducing both qualitative and quantitative approaches that will be explained in more depth in the second part of this book. In 1.4 the chapter summarizes the use of patent valuation approaches in different contexts, that will be further detailed in the third part of the book. Finally, in 1.5, it anticipates the main challenges and limitations that characterize patent valuation. 1.2 THE GROWING IMPORTANCE OF PATENTS AND...
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