Anne Layne-Farrar

Charles River Associates

Vice President

1 South Wacker Drive

Suite 3400

Chicago, IL 60606

United States

http://www.crai.com

Northwestern University

Adjunct Professor

2001 Sheridan Road

Evanston, IL 60208

United States

SCHOLARLY PAPERS

60

DOWNLOADS
Rank 2,095

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Top 2,095

in Total Papers Downloads

30,425

TOTAL CITATIONS
Rank 8,192

SSRN RANKINGS

Top 8,192

in Total Papers Citations

175

Scholarly Papers (60)

1.

Software Patents and Open Source: The Battle Over Intellectual Property Rights

Number of pages: 52 Posted: 21 Apr 2004
Anne Layne-Farrar and David S. Evans
Charles River Associates and Market Platform Dynamics
Downloads 2,596 (11,343)
Citation 1

Abstract:

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Software patents, open source, intellectual property

2.

The Move Toward a Cashless Society: A Closer Look at Payment Instrument Economics

AEI-Brookings Joint Center Working Paper No. 04-20
Number of pages: 27 Posted: 12 Jan 2005
Daniel D. Garcia-Swartz, Robert W. Hahn and Anne Layne-Farrar
Charles River Associates (CRA), Technology Policy Institute and Charles River Associates
Downloads 1,789 (20,577)
Citation 6

Abstract:

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cashless society, cost-benefit

3.

An Empirical Assessment of the Employee Free Choice Act: The Economic Implications

Number of pages: 45 Posted: 04 Mar 2009
Anne Layne-Farrar
Charles River Associates
Downloads 1,603 (24,281)
Citation 6

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EFCA, unions, employment

4.

To Join or Not to Join: Examining Patent Pool Participation and Rent Sharing Rules

Number of pages: 40 Posted: 19 Nov 2006 Last Revised: 04 Dec 2015
Anne Layne-Farrar and Josh Lerner
Charles River Associates and Harvard Business School - Finance Unit
Downloads 1,473 (27,600)
Citation 36

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Patent Pools, Standards Setting Organizations, Intellectual Property, Royalty Sharing

5.

The Complements Problem within Standard Setting: Assessing the Evidence on Royalty Stacking

Boston University Journal of Science and Technology Law, Vol. 14, No. 2, 2008
Number of pages: 35 Posted: 06 Dec 2006 Last Revised: 25 May 2014
Damien Geradin, Anne Layne-Farrar and Jorge Padilla
Tilburg Law and Economics Center (TILEC), Charles River Associates and Compass Lexecon
Downloads 1,327 (32,198)

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Royalty Stacking, Patent Thicket, Patent Holdup, Anticommons, Innovation, Patent Licensing

6.

The Benefits and Costs of Online Privacy Legislation

Number of pages: 83 Posted: 30 Nov 2001
Robert W. Hahn and Anne Layne-Farrar
Technology Policy Institute and Charles River Associates
Downloads 1,120 (41,281)
Citation 10

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7.

Elves or Trolls? The Role of Non-Practicing Patent Owners in the Innovation Economy

TILEC Discussion Paper No. 2008-018
Number of pages: 25 Posted: 23 May 2008
Damien Geradin, Anne Layne-Farrar and Jorge Padilla
Tilburg Law and Economics Center (TILEC), Charles River Associates and Compass Lexecon
Downloads 1,078 (43,615)
Citation 1

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8.

Methodologies for Calculating FRAND Royalty Rates and Damages: An Analysis of Existing Case Law

Law360, October 2014
Number of pages: 19 Posted: 04 Oct 2015 Last Revised: 05 Oct 2015
Anne Layne-Farrar and Koren W. Wong-Ervin
Charles River Associates and Jones Day
Downloads 918 (54,487)

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FRAND, SEPs, standard-essential patents, royalties, damages, holdup, royalty stacking

9.

The Logic and Limits of Ex Ante Competition in a Standard-Setting Environment

Competition Policy International, Vol. 3, No. 1, Spring 2007
Number of pages: 29 Posted: 18 May 2007
Damien Geradin and Anne Layne-Farrar
Tilburg Law and Economics Center (TILEC) and Charles River Associates
Downloads 889 (56,973)

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antitrust, intellectual property, standard-setting, standard-setting organizations, SSO, FRAND, competition law

10.

Methodologies for Calculating FRAND Damages: An Economic and Comparative Analysis of the Case Law from China, the European Union, India, and the United States

Jindal Global Law School Law Review, Fall 2017 , George Mason Law & Economics Research Paper No. 17-28
Number of pages: 34 Posted: 15 Jun 2017 Last Revised: 04 Oct 2017
Anne Layne-Farrar and Koren W. Wong-Ervin
Charles River Associates and Jones Day
Downloads 855 (60,048)
Citation 1

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Standard-essential patents, SEPs, FRAND, damages calculations, Europe, China, United Kingdom, India, holdup, holdout, royalty stacking

11.

Revisiting Injunctive Relief: Interpreting eBay in High-Tech Industries with Non-Practicing Patent Holders

Number of pages: 41 Posted: 07 Oct 2007 Last Revised: 05 Oct 2011
University of Bologna, Tilburg Law and Economics Center (TILEC), Charles River Associates and Compass Lexecon
Downloads 750 (71,635)
Citation 11

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injunctive relief, patent holdup, patent injunction, IP policy, standard setting, patent compensation, eBay, royalty rates

12.

Pricing Patents for Licensing in Standard Setting Organisations: Making Sense of FRAND Commitments

CEPR Discussion Paper No. 6025
Number of pages: 42 Posted: 26 Jun 2007
Anne Layne-Farrar, Jorge Padilla and Richard Schmalensee
Charles River Associates, Compass Lexecon and Massachusetts Institute of Technology (MIT) - Sloan School of Management
Downloads 700 (78,240)
Citation 7
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Efficiency, Fairness, Licensing, Patents, Standard Setting Organizations

13.

The Economics of FRAND

Antitrust Intellectual Property and High Tech Handbook, Cambridge University Press, Daniel Sokol ed., Forthcoming
Number of pages: 20 Posted: 02 Feb 2016
Anne Layne-Farrar
Charles River Associates
Downloads 679 (81,302)
Citation 1

Abstract:

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Fair Reasonable and Non-Discriminatory, FRAND, patents, licensing

14.

Standard-Essential Patents and Market Power

World Competition Day, Forthcoming, George Mason Law & Economics Research Paper No. 16-47
Number of pages: 4 Posted: 19 Nov 2016
Anne Layne-Farrar and Koren W. Wong-Ervin
Charles River Associates and Jones Day
Downloads 676 (81,793)
Citation 2

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antitrust, competition, FRAND, intellectual property, IRPs, standard development organizations, SDOs, standard-essential patents, SEPs

15.

Valuing Patents for Licensing: A Practical Survey of the Literature

Number of pages: 21 Posted: 29 Jul 2009
Anne Layne-Farrar and Josh Lerner
Charles River Associates and Harvard Business School - Finance Unit
Downloads 629 (89,743)
Citation 1

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Licencing, patent valuation, open source software, literature survey, innovation

16.

Preventing Patent Hold Up: An Economic Assessment of Ex Ante Licensing Negotiations in Standard Setting

Number of pages: 42 Posted: 08 May 2008 Last Revised: 28 Dec 2013
Anne Layne-Farrar, Gerard Llobet and Jorge Padilla
Charles River Associates, Centre for Monetary and Financial Studies (CEMFI) and Compass Lexecon
Downloads 612 (92,907)
Citation 6

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Standard Setting Organizations, Licensing, Ex Ante Negotiations, Patent Hold-Up

17.

The Ex Ante Auction Model for the Control of Market Power in Standard Setting Organizations

Number of pages: 33 Posted: 13 Apr 2007
Anne Layne-Farrar, Damien Geradin and Jorge Padilla
Charles River Associates, Tilburg Law and Economics Center (TILEC) and Compass Lexecon
Downloads 599 (95,503)
Citation 3

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RAND, Licensing, Ex Ante Auctions, Reasonable Royalties

18.

A Comparative and Economic Analysis of the U.S. FTC's Complaint and the Korea FTC's Decision Against Qualcomm

Forthcoming in Competition Policy International, George Mason Law & Economics Research Paper No. 17-17
Number of pages: 17 Posted: 07 Apr 2017 Last Revised: 15 Apr 2017
Jones Day, U.S. Court of Appeals for the District of Columbia Circuit, Charles River Associates, George Mason University and George Mason University, Department of Economics, Students
Downloads 556 (104,868)

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FTC, Federal Trade Commission, Section 5, unfair methods of competition, antitrust, intellectual property, licensing, Korea Fair Trade Commission

19.

Open Source and Proprietary Software: The Search for a Profitable Middle-Ground

Number of pages: 15 Posted: 25 Mar 2005
Chris Nosko, Daniel D. Garcia-Swartz and Anne Layne-Farrar
National Bureau of Economic Research (NBER), Charles River Associates (CRA) and Charles River Associates
Downloads 542 (108,243)
Citation 1

Abstract:

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Open source, intellectual property, software

20.

License to All or Access to All? A Law and Economics Assessment of Standard Development Organizations’ Licensing Rules

George Washington Law Review, Forthcoming
Number of pages: 42 Posted: 17 Jun 2020 Last Revised: 11 Sep 2020
Anne Layne-Farrar and Richard Stark
Charles River Associates and affiliation not provided to SSRN
Downloads 536 (109,770)
Citation 3

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SEP, FRAND, Patent, License, Antitrust, Standard Essential Patent

21.

Is More Government Regulation Needed to Promote E-Commerce?

Number of pages: 21 Posted: 03 Feb 2003
Robert W. Hahn and Anne Layne-Farrar
Technology Policy Institute and Charles River Associates
Downloads 530 (111,301)
Citation 1

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E-commerce, Government Regulation

22.

Patent Value Apportionment Rules for Complex, Multi-Patent Products

Santa Clara University's Computer & High Tech Law Journal Symposium, January 2011, TILEC Discussion Paper No. 2011-010
Number of pages: 26 Posted: 29 Jan 2011 Last Revised: 03 Jan 2015
Damien Geradin and Anne Layne-Farrar
Tilburg Law and Economics Center (TILEC) and Charles River Associates
Downloads 527 (112,110)
Citation 2

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Patents, Intellectual Property, IP, Apportionment, Patent Damages, Reasonably Royalty, Lost Profits, Patent Valuation, Royalty Base, Royalty Rate, Licensing, Patent Litigation

23.

An Economic Take on Patent Licensing: Understanding the Implications of the 'First Sale Patent Exhaustion' Doctrine

Number of pages: 51 Posted: 11 Jun 2009 Last Revised: 26 Jan 2016
Anne Layne-Farrar, Gerard Llobet and Jorge Padilla
Charles River Associates, Centre for Monetary and Financial Studies (CEMFI) and Compass Lexecon
Downloads 463 (131,053)

Abstract:

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patent exhaustion, licensing, royalty base, vertically disaggregated industries

24.

Assessing the Link between Standard Setting and Market Power

Number of pages: 40 Posted: 08 Mar 2010
Anne Layne-Farrar and Jorge Padilla
Charles River Associates and Compass Lexecon
Downloads 458 (132,776)
Citation 3

Abstract:

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Standard Setting Organizations, Patents, Market Power

25.

Non-Discrimination and FRAND Commitments

The Cambridge Handbook of Technical Standardization Law, Volume 1: Competition, Antitrust and Patents (Jorge Contreras, ed., Cambridge University Press, 2018), University of Utah College of Law Research Paper No. 251
Number of pages: 23 Posted: 16 Mar 2018 Last Revised: 27 Aug 2020
Jorge L. Contreras and Anne Layne-Farrar
University of Utah - S.J. Quinney College of Law and Charles River Associates
Downloads 435 (141,173)

Abstract:

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FRAND, SEP, discrimination, standards

26.

The Brothers Grimm Book of Business Models: A Survey of Literature and Developments in Patent Acquisition and Litigation

Number of pages: 29 Posted: 29 Mar 2012
Anne Layne-Farrar
Charles River Associates
Downloads 397 (156,797)
Citation 1

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patent, litigation, litigation cost, non-practicing entities, software patents, patent auctions, patent infringement

27.

Non-Discriminatory Pricing: What is Different (and What is Not) about IP Licensing in Standard Setting

Number of pages: 34 Posted: 02 Jul 2009
Anne Layne-Farrar
Charles River Associates
Downloads 383 (163,299)
Citation 1

Abstract:

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standards setting, intellectual property, licensing, RAND, price discrimination

28.

Assessing IPR Disclosure Within Standard Setting: An ICT Case Study

Number of pages: 29 Posted: 19 Aug 2011 Last Revised: 25 May 2014
Anne Layne-Farrar
Charles River Associates
Downloads 373 (168,098)
Citation 4

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29.

Defining Software Patents: A Research Field Guide

Number of pages: 35 Posted: 24 Apr 2011
Anne Layne-Farrar
Charles River Associates
Downloads 372 (168,624)
Citation 7

Abstract:

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Software, patents, innovation

30.

The Patent Damages Gap: An Economist's Review of U.S. Patent Damages Apportionment Rules

Number of pages: 22 Posted: 06 Feb 2017 Last Revised: 08 Apr 2017
Anne Layne-Farrar
Charles River Associates
Downloads 360 (174,774)
Citation 3

Abstract:

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damages, apportionment, patent infringement, EMVR, SSPPU

31.

Regulating the Raters: The Law and Economics of Ratings Firms

AEI-Brookings Joint Center Working Paper No. 06-02
Number of pages: 62 Posted: 06 Mar 2006
Harold Furchtgott-Roth, Robert W. Hahn and Anne Layne-Farrar
Furchtgott-Roth Economic Enterprises, Technology Policy Institute and Charles River Associates
Downloads 339 (186,731)
Citation 1

Abstract:

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product ratings, rating industries, market forces

32.

Are Debit Cards Really More Costly for Merchants? Assessing Retailers' Costs and Benefits of Payment Instrument Acceptance

Number of pages: 57 Posted: 09 Sep 2011
Anne Layne-Farrar
Charles River Associates
Downloads 336 (188,494)
Citation 3

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Debit cards, Interchange fee, Dodd-Frank, Durbin Amendment

33.

Federalism and Regulation: An Overview

Regulation, Vol. 26, No. 4, pp. 46-50, Winter 2003-2004, AEI-Brookings Joint Center Working Paper No. 03-14
Number of pages: 7 Posted: 24 Feb 2004
Robert W. Hahn, Anne Layne-Farrar and Peter Passell
Technology Policy Institute, Charles River Associates and Milken Institute
Downloads 334 (189,706)

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Federalism, regulation, free market, Commerce Clause, economic efficiency, market failures, decentralization, market incentives, social cost

34.

Innovative or Indefensible? An Empirical Assessment of Patenting within Standard Setting

Number of pages: 33 Posted: 01 Oct 2008
Anne Layne-Farrar
Charles River Associates
Downloads 321 (197,845)
Citation 11

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Patents, standard setting organizations, opportunistic patenting

35.

The Law and Economics of Software Security

AEI-Brookings Joint Center Working Paper No. 06-08
Number of pages: 65 Posted: 24 Apr 2006
Robert W. Hahn and Anne Layne-Farrar
Technology Policy Institute and Charles River Associates
Downloads 307 (207,627)
Citation 1

Abstract:

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security, software networks, technology, law, economics

36.

An Analysis of the Federal Circuit's Decision in Ericsson v. D-Link

Competition Policy International, CPI Antitrust Chronicle, March 2015 (1)
Number of pages: 8 Posted: 05 Oct 2015
Anne Layne-Farrar and Koren W. Wong-Ervin
Charles River Associates and Jones Day
Downloads 284 (225,335)

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FRAND, SEPs, standard-essential patents, Ericsson v. D-Link, holdup, royalty stacking, smallest salable patent praticing unit, SSPPU

37.

Business Models and the Standard Setting Process

Number of pages: 14 Posted: 02 Dec 2010
Anne Layne-Farrar
Charles River Associates
Downloads 275 (232,818)
Citation 3

Abstract:

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Standard Setting, Business Models, High Technology, Antitrust, Regulation

38.

Bundling of RAND-Committed Patents

Number of pages: 23 Posted: 05 Dec 2015 Last Revised: 18 Jul 2023
Anne Layne-Farrar and Michael A. Salinger
Charles River Associates and Boston University - Questrom School of Business
Downloads 274 (233,699)
Citation 1

Abstract:

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patents, licensing, bundling, tying, RAND, FRAND, intellectual property

39.

Federalism in Antitrust

AEI-Brookings Joint Center Working Paper No. 02-09
Number of pages: 47 Posted: 04 Oct 2005
Robert W. Hahn and Anne Layne-Farrar
Technology Policy Institute and Charles River Associates
Downloads 269 (238,206)
Citation 4

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antitrust, federalism, states, enforcement

40.

Incentive Effects from Different Approaches to Holdup Mitigation Surrounding Patent Remedies and Standard-Setting Organizations

Journal of Competition Law & Economics, 2013, Forthcoming, GWU Legal Studies Research Paper No. 2013-116, GWU Law School Public Law Research Paper No. 2013-116
Number of pages: 25 Posted: 20 Sep 2013 Last Revised: 29 Dec 2013
F. Scott Kieff and Anne Layne-Farrar
George Washington University - Law School and Charles River Associates
Downloads 265 (241,782)
Citation 1

Abstract:

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patent, intellectual property, IP, antitrust, competition, standard setting organizations, SSO, holdup, remedies, damages, RAND, innovation, property, contract, coordination, private ordering, new institutional economics

41.

Patent Licensing in Vertically Disaggregated Industries: The Royalty Allocation Neutrality Principle

COMMUNICATIONS & STRATEGIES, no. 95, 3rd quarter 2014, p. 61
Number of pages: 24 Posted: 08 May 2015
Anne Layne-Farrar, Gerard Llobet and Jorge Padilla
Charles River Associates, Centre for Monetary and Financial Studies (CEMFI) and Compass Lexecon
Downloads 264 (242,683)
Citation 5

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patent licensing, patent exhaustion, vertical relationships.

42.

The Practicalities and Pitfalls of the Smallest Saleable Patent Practicing Unit Doctrine: A Review of Teece and Sherry

les Nouvelles - Journal of the Licensing Executives Society, Volume LI No. 4, December 2016
Number of pages: 5 Posted: 03 Dec 2016
Anne Layne-Farrar
Charles River Associates
Downloads 257 (249,403)

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David Teece; Edward Sherry; smallest saleable patent practicing; unit doctrine; practicalities; pitfalls; papent unit; SSPPU

43.

The Policy Implications of Licensing Standard Essential FRAND-Committed Patents in Bundles

Number of pages: 24 Posted: 02 Oct 2016
Anne Layne-Farrar and Michael A. Salinger
Charles River Associates and Boston University - Questrom School of Business
Downloads 257 (249,403)

Abstract:

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patents, licensing, bundling, tying, RAND, FRAND, holdup, intellectual property

44.

A Theoretical Framework for Empirical Research on PAEs and Privateers

Number of pages: 26 Posted: 07 Feb 2016
Anne Layne-Farrar
Charles River Associates
Downloads 226 (282,918)
Citation 1

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Privateer, PAE, Hybrid PAE, patent licensing, litigation

45.

Finding the Optimal Public-Private Balance in Catastrophe Insurance: The Katrina Experience

Barbon Discussion Paper No. 06-05
Number of pages: 47 Posted: 10 Nov 2006
Daniel D. Garcia-Swartz and Anne Layne-Farrar
Charles River Associates (CRA) and Charles River Associates
Downloads 216 (295,413)
Citation 1

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Hurrican Katrina, Insurance, Natural Catastrophe

46.

A Somber Anniversary: Terrorism Insurance Five Years after 9/11

Barbon Discussion Paper No. 06-02
Number of pages: 31 Posted: 11 Oct 2006
David S. Evans, Daniel D. Garcia-Swartz and Anne Layne-Farrar
Market Platform Dynamics, Charles River Associates (CRA) and Charles River Associates
Downloads 214 (298,053)
Citation 1

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Insurance, Terrorism, Regulation, TRIA

47.

Understanding Patent 'Privateering': A Quantitative Assessment

Journal of Empirical Legal Studies, Forthcoming, University of Illinois College of Law Legal Studies Research Paper No. 18-36, Northwestern Law & Econ Research Paper No. 18-23
Number of pages: 42 Posted: 12 Oct 2018 Last Revised: 09 Jan 2019
Jay P. Kesan, Anne Layne-Farrar and David L. Schwartz
University of Illinois College of Law, Charles River Associates and Northwestern University - Pritzker School of Law
Downloads 206 (308,998)
Citation 1

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48.

The Role of Intellectual Property Rights in Transition Economies: Lessons from Bulgaria

Number of pages: 30 Posted: 02 Oct 2008
Lubomira Ivanova and Anne Layne-Farrar
LECG, LLC and Charles River Associates
Downloads 194 (326,592)

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developing economies, transition economies, intellectual property rights

49.

Assessing the Durbin Amendment's Debit Card Interchange Fee Cap: An Application of the 'Tourist Test' to US Retailer Data

Number of pages: 26 Posted: 12 Jul 2013 Last Revised: 12 Aug 2013
Anne Layne-Farrar
Charles River Associates
Downloads 193 (328,193)
Citation 1

Abstract:

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50.

Transitions in Terrorism Insurance: The Debate Over Tria

Barbon Discussion Paper No. 06-04
Number of pages: 29 Posted: 10 Nov 2006
Anne Layne-Farrar and Daniel D. Garcia-Swartz
Charles River Associates and Charles River Associates (CRA)
Downloads 188 (336,215)

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TRIA, Terrorism, Regulation, Insurance

51.

The Other Thirty Percent: An Economic Assessment of Duplication in PTAB Proceedings and Patent Infringement Litigation

Number of pages: 9 Posted: 01 Jul 2017
Anne Layne-Farrar
Charles River Associates
Downloads 166 (375,436)

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Patents, PTAB, IPR, Inter Partes Review, Litigation

52.

The Risks of Radicalism: Exacerbating Harms from Type I Errors

Competition Policy International, 2020
Number of pages: 9 Posted: 06 May 2020
Koren W. Wong-Ervin, Anne Layne-Farrar and James Moore
Jones Day, Charles River Associates and Axinn Veltrop & Harkrider, LLP
Downloads 159 (389,564)

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antitrust, legislation, mergers, vertical restraints, false positives

53.

An Economic Defense of Flexibility in IPR Licensing: Contracting Around 'First Sale' in Multilevel Production Settings

Number of pages: 41 Posted: 05 Jan 2011
Anne Layne-Farrar
Charles River Associates
Downloads 148 (413,607)
Citation 3

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Patent Exhaustion, Licensing, Royalty Base, Vertically Disaggregated Industries

54.
Downloads 139 (434,719)
Citation 1

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Patents, Patent Assertion Entity, PAE, FTC, 6(b)

55.

Proactive or Reactive? An Empirical Assessment of IPR Policy Revisions in the Wake of Antitrust Actions

Number of pages: 50 Posted: 02 Feb 2014 Last Revised: 04 Dec 2015
Anne Layne-Farrar
Charles River Associates
Downloads 136 (442,279)
Citation 3

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56.

Does Measured School Quality Really Matter? An Examination of the Earnings-Quality Relationship

NBER Working Paper No. w5274
Number of pages: 93 Posted: 15 Aug 2000 Last Revised: 01 Dec 2022
James J. Heckman, Anne Layne-Farrar and Petra Todd
University of Chicago - Department of Economics, Charles River Associates and University of Pennsylvania - Department of Economics
Downloads 92 (588,714)
Citation 8

Abstract:

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57.

The Schooling Quality-Earnings Relationship: Using Economic Theory to Interpret Functional Forms Consistent with the Evidence

NBER Working Paper No. w5288
Number of pages: 65 Posted: 25 May 2006 Last Revised: 15 Dec 2022
James J. Heckman, Anne Layne-Farrar and Petra Todd
University of Chicago - Department of Economics, Charles River Associates and University of Pennsylvania - Department of Economics
Downloads 83 (626,590)

Abstract:

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58.

A Note on Government Procurement Policies Related to Mandates for Document Format Standards

Number of pages: 38 Posted: 01 Oct 2012
Anne Layne-Farrar
Charles River Associates
Downloads 45 (849,265)
Citation 7

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software, interoperability, government procurement

59.

Royalty Stacking in High Tech Industries: Separating Myth from Reality

CEPR Discussion Paper No. DP6091
Number of pages: 55 Posted: 14 May 2008
Damien Geradin, Anne Layne-Farrar and Jorge Padilla
Tilburg Law and Economics Center (TILEC), Charles River Associates and Compass Lexecon
Downloads 13 (1,194,773)
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Abstract:

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excessive royalties, hold up, innovation, mobile telecommunications, patent licensing

60.

A Chicago School Take on Patent Licensing: Understanding the Economics of the Patent Exhaustion Doctrine

Posted: 27 Jan 2016
Anne Layne-Farrar, Gerard Llobet and Jorge Padilla
Charles River Associates, Centre for Monetary and Financial Studies (CEMFI) and Compass Lexecon

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patent exhaustion, patents, royalty base, licensing, vertically disaggregated industries