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Lucian Wayne Beavers's
Scholarly Papers
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520 |
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Citations
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1.
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Economic Analysis of Lost Profits From Patent Infringement With and Without Noninfringing Substitutes
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Gregory J. Werden
U.S. Department of Justice - Antitrust Division Luke M. Froeb
Vanderbilt University - Owen Graduate School of Management Lucian Wayne Beavers
Waddey and Patterson
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Posted:
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01 May 00
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Last Revised:
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06 Aug 01
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520
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Gregory J. Werden
U.S. Department of Justice - Antitrust Division Luke M. Froeb
Vanderbilt University - Owen Graduate School of Management Lucian Wayne Beavers
Waddey and Patterson
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01 May 00
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Last Revised:
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14 Jun 00
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520
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Abstract:
This paper explains how basic microeconomics can be used to assess lost profits from patent infringement. The main suggested analysis is an adaptation of merger simulation. Observed prices and quantities are combined with estimated demand parameters to calibrate a model of the industry with infringement. Lost profits are then estimated by calculating an equilibrium without the infringing product(s). Simulation calculates the sales diversion, price erosion, and "quantity accretion" components of lost profits, and avoids the patent law analog to antitrust market delineation. Simulation provides a satisfactory methodology for assessing lost profits damages even in the presence of acceptable noninfringing substitutes. The facts of leading cases form the basis of illustrations.
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Gregory J. Werden
U.S. Department of Justice - Antitrust Division Luke M. Froeb
Vanderbilt University - Owen Graduate School of Management Lucian Wayne Beavers
Waddey and Patterson
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06 Aug 01
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Last Revised:
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06 Aug 01
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Abstract:
This paper explains how basic microeconomics can be used to assess lost profits from patent infringement. The main suggested analysis is an adaptation of merger simulation. Observed prices and quantities are combined with estimated demand parameters to calibrate a model of the industry with infringement. Lost profits are then estimated by calculating an equilibrium without the infringing product(s). Simulation calculates the sales diversion, price erosion, and "quantity accretion" components of lost profits, and avoids the patent law analog to antitrust market delineation. Simulation provides a satisfactory methodology for assessing lost profits damages even in the presence of acceptable noninfringing substitutes. The facts of leading cases form the basis of illustrations.
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