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.

download in pdf format
   (847 K)

email paper

Machine-readable bibliographic record - MARC, RIS, BibTeX

Document Object Identifier (DOI): 10.3386/w19763

Published: Ufuk Akcigit & Murat Alp Celik & Jeremy Greenwood, 2016. "Buy, Keep, or Sell: Economic Growth and the Market for Ideas," Econometrica, Econometric Society, vol. 84, pages 943-984, 05. citation courtesy of

Users who downloaded this paper also downloaded* these:
Alvarez, Buera, and Lucas w19667 Idea Flows, Economic Growth, and Trade
Acemoglu, Akcigit, Bloom, and Kerr w18993 Innovation, Reallocation and Growth
Acemoglu, Akcigit, and Celik w19894 Young, Restless and Creative: Openness to Disruption and Creative Innovations
Hanushek, Schwerdt, Wiederhold, and Woessmann w19762 Returns to Skills around the World: Evidence from PIAAC
Cooper, McClelland, Pearce, Prisinzano, Sullivan, Yagan, Zidar, and Zwick w21651 Business in the United States: Who Owns it and How Much Tax Do They Pay?
 
Publications
Activities
Meetings
NBER Videos
Themes
Data
People
About

National Bureau of Economic Research, 1050 Massachusetts Ave., Cambridge, MA 02138; 617-868-3900; email: info@nber.org

Contact Us