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Patent Protection, Market Uncertainty, and R&D Investment


Dirk Czarnitzki


Centre for European Economic Research (ZEW); Catholic University of Leuven (KUL)

Andrew A. Toole


U.S. Department of Agriculture
2006

ZEW - Centre for European Economic Research Discussion Paper No. 06-056

Abstract:     
The real options investment theory shows that greater uncertainty about market revenues reduces current R&D investment by increasing the value of waiting. This paper presents empirical evidence that patent protection mitigates the effect market uncertainty on R&D investment.

Number of Pages in PDF File: 11

Keywords: Real Options Theory, Uncertainty, R&D, Intellectual Property Protection, Censored Regression

JEL Classification: O31, O33, C25

working papers series


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Date posted: August 22, 2006 ; Last revised: August 26, 2008

Suggested Citation

Czarnitzki, Dirk and Toole, Andrew A., Patent Protection, Market Uncertainty, and R&D Investment (2006). ZEW - Centre for European Economic Research Discussion Paper No. 06-056. Available at SSRN: http://ssrn.com/abstract=925621 or http://dx.doi.org/10.2139/ssrn.925621

Contact Information

Dirk Czarnitzki (Contact Author)
Centre for European Economic Research (ZEW) ( email )
P.O. Box 10 34 43
Mannheim, 68034
Germany
Catholic University of Leuven (KUL) ( email )
Faculty of Economics and Business
Naamsestraat 69
Leuven, 3000
Belgium
+32 16 326906 (Phone)
+32 16 325799 (Fax)
HOME PAGE: http://www.econ.kuleuven.be/msi/faculty_members.htm
Andrew A. Toole
U.S. Department of Agriculture ( email )
ERS/RRED/RESP
1800 M Street NW
Washington, DC 20036
United States
202-694-5208 (Phone)
Feedback to SSRN (Beta)


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