NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Buy, Keep or Sell: Economic Growth and the Market for Ideas

Ufuk Akcigit, Murat Alp Celik, Jeremy Greenwood

NBER Working Paper No. 19763
Issued in December 2013
NBER Program(s):   EFG   IO   PR

An endogenous growth model is developed where each period firms invest in researching and developing new ideas. An idea increases a firm's productivity. By how much depends on how central the idea is to a firm's activity. Ideas can be bought and sold on a market for patents. A firm can sell an idea that is not relevant to its business or buy one if it fails to innovate. The developed model is matched up with stylized facts about the market for patents in the U.S. The analysis attempts to gauge how efficiency in the patent market affects growth.

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Document Object Identifier (DOI): 10.3386/w19763

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