The Value of Patents as Indicators of Inventive Activity

43 Pages Posted: 8 Feb 2001 Last revised: 30 Jan 2015

See all articles by Ariel Pakes

Ariel Pakes

National Bureau of Economic Research (NBER); Harvard University - Department of Economics

Bronwyn H. Hall

University of California at Berkeley; National Bureau of Economic Research (NBER); Institute for Fiscal Studies (IFS); Max Planck Institute for Innovation and Competition

Zvi Griliches

(Deceased)

Date Written: November 1986

Abstract

This paper summarizes a number of studies which use patent data to examine different aspects of technological change. It describes our firm level data set construction effort; reports on the relationship between RLD expenditures and the level of patenting; analyzes the relationship between patents, R&D, and tire stock market value of firms; reports on the estimation of the value of patent rights based on European patent renewal data; and describes the use of patent data to estimate the importance of R&D spillovers. It concludes that patent data represent a valuable resource for the analysis of technological change. They can be used to study longer-run interfirm differences in inventive activity and as a substitute for R&D data where they are not available in the desired detail. It is possible also to use a firm's distribution of patenting by field to infer its position in "technological space" and use it in turn to study how R&D spills over from one firm to another. Moreover, patent renewal data, which are also becoming available in the U.S., allow one to construct more relevant "quality weighted" inventive "output" measures .

Suggested Citation

Pakes, Ariel and Hall, Bronwyn H. and Griliches, Zvi, The Value of Patents as Indicators of Inventive Activity (November 1986). NBER Working Paper No. w2083. Available at SSRN: https://ssrn.com/abstract=228007

Ariel Pakes (Contact Author)

National Bureau of Economic Research (NBER) ( email )

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Harvard University - Department of Economics ( email )

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Bronwyn H. Hall

University of California at Berkeley ( email )

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HOME PAGE: http://emlab.berkeley.edu/users/bhhall/index.html

National Bureau of Economic Research (NBER)

1050 Massachusetts Avenue
Cambridge, MA 02138
United States

Institute for Fiscal Studies (IFS)

7 Ridgmount Street
London, WC1E 7AE
United Kingdom

Max Planck Institute for Innovation and Competition

Marstallplatz 1
Munich, Bayern 80539
Germany

Zvi Griliches

(Deceased)

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