Abstract

http://ssrn.com/abstract=1158309
 
 

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Research Productivity and Patent Quality: Measurement with Multiple Indicators


Jean O. Lanjouw


University of California, Berkeley, College of Natural Resources, Department of Agricultural & Resource Economics (deceased); Brookings Institution (deceased)

Mark A. Schankerman


London School of Economics and Political Science; Centre for Economic Policy Research (CEPR)

December 2002

LSE STICERD Research Paper No. EI32

Abstract:     
We analyse the determinants of the decline in measured research productivity (the patent/R&D ratio)using panel data on manufacturing firms in the U.S. for the period 1980-93. We focus on three factors: the level of demand, the quality of patents, and technological exhaustion. We first develop an index of patent 'quality' using detailed information on patents in the U.S. in seven technology fields. Using a factor model, we construct a minimum-variance index based on four patent characteristics and show that using multiple indicators substantially reduces the measured variance in quality. We then show that research productivity at the firm level is negatively related to the patent quality index and the level of demand, as predicted by an optimizing model of R&D, and positively related to the stock market valuation of patented innovations held by firms.

Number of Pages in PDF File: 47

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Date posted: July 11, 2008  

Suggested Citation

Lanjouw, Jean O. and Schankerman, Mark A., Research Productivity and Patent Quality: Measurement with Multiple Indicators (December 2002). LSE STICERD Research Paper No. EI32. Available at SSRN: http://ssrn.com/abstract=1158309

Contact Information

Jean Olson Lanjouw (Contact Author)
University of California, Berkeley, College of Natural Resources, Department of Agricultural & Resource Economics (deceased)
Brookings Institution (deceased)
Mark A. Schankerman
London School of Economics and Political Science ( email )
Houghton Street
London WC2A 2AE
United Kingdom
+44 20 7955 7518 (Phone)
+44 20 7831 1840 (Fax)
Centre for Economic Policy Research (CEPR) ( email )
77 Bastwick Street
London, EC1V 3PZ
United Kingdom
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