Methods and Applications
New Horizons in Intellectual Property series
Edited by Federico Munari and Raffaele Oriani
Chapter 3: Economic and Management Perspectives on the Value of Patents
Federico Munari, Maurizio Sobrero 3.1. INTRODUCTION Rich and diversified literature in the field of economics and management of innovation has analyzed over the last twenty years the issue of how to measure patent value and determine value drivers, starting with the seminal articles by Pakes (1986) and Schankerman and Pakes (1986). This chapter presents a comprehensive review of this literature, focusing on the studies which have tried to assess the monetary value of patents. In this sense, this chapter complements previous and following chapters, which respectively provide a legal (Chapter 2) and a strategic perspective (Chapter 4) on the concept of patent value. It aims to provide scholars with an updated and complete overview of economic studies on patent value, highlighting the main results obtained, the major limitations and opportunities for future research. Intellectual property (IP) professionals could derive important insights from this literature in relation to what determines patent value and its distribution across technological fields, industries and type of companies. This chapter will first clarify the definition of patent value adopted in the economic literature. Then, it will illustrate the different approaches adopted to infer patent value (through patent renewal data, actual commercial transactions, inventors’ surveys, stock market valuation of publicly-listed corporations, and venture capitalists’ valuations of start-up companies) and summarize the main results obtained, with particular reference to the widely-observed heterogeneity in the value of patents. It will then focus on the different value determinants (that is, at the level of patent/technology, inventor, organisation, localisation, and so...
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