{"id":2463,"date":"2020-01-27T15:50:48","date_gmt":"2020-01-27T20:50:48","guid":{"rendered":"http:\/\/sites.williams.edu\/cdealumniresources\/?p=2463"},"modified":"2020-01-28T10:44:04","modified_gmt":"2020-01-28T15:44:04","slug":"full-article-patent-buyouts-a-mechanism-for-encouraging-innovation","status":"publish","type":"post","link":"https:\/\/sites.williams.edu\/cdealumniresources\/content-type\/full-article-patent-buyouts-a-mechanism-for-encouraging-innovation\/","title":{"rendered":"Full Article: &#8220;Patent Buyouts: A Mechanism for Encouraging Innovation&#8221;"},"content":{"rendered":"<h1>\n\t\t<a href=\"https:\/\/www.google.com\/url?sa=t&amp;rct=j&amp;q=&amp;esrc=s&amp;source=web&amp;cd=2&amp;ved=2ahUKEwjbsZfzr5_nAhVmzlkKHTxlCiAQFjABegQIAhAB&amp;url=https%3A%2F%2Fdash.harvard.edu%2Fbitstream%2Fhandle%2F1%2F3693705%2FKremer_PatentBuyouts.pdf&amp;usg=AOvVaw0SNazaLiLNUzWPj_NYCxHT\" title=\"&quot;Patent Buyouts: A Mechanism for Encouraging Innovation&quot;\" target=\"_blank\" rel=\"noopener noreferrer\">\n\t\t&#8220;Patent Buyouts: A Mechanism for Encouraging Innovation&#8221;\n\t\t<\/a>\n\t<\/h1>\n<h3>\n\t\tarticle by Michael Kremer\n\t<\/h3>\n\t<p>Unsplash.com<\/p>\n\t<p>In this article, 2019 Nobel laureate Michael Kremer looks back to history for an example of a patent buyout: a situation in which the government buys the patent for a technology which would be beneficial to the public, and then places it in the public domain. <\/p>\n<p>Kremer suggests a method by which governments today could similarly purchase patents and thus encourage innovation.<\/p>\n<p>\u00a0<\/p>\n\t<p><strong>Abstract:<\/strong><\/p>\n<blockquote><p>In 1839 the French government purchased the Daguerreotype patent and placed it in the public domain. Such patent buyouts could potentially eliminate the monopoly price distortions and incentives for rent-stealing duplicative research created by patents, while increasing incentives for original research. Governments could offer to purchase patents at their estimated private value, as determined in an auction, times a markup equal to the typical ratio of inventions\u2019 social and private value. Most patents purchased would be placed in the public domain, but to induce bidders to reveal their valuations, a few would be sold to the highest bidder.<\/p><\/blockquote>\n<p>\u00a0<\/p>\n\t\t\t<a href=\"https:\/\/www.google.com\/url?sa=t&amp;rct=j&amp;q=&amp;esrc=s&amp;source=web&amp;cd=2&amp;ved=2ahUKEwjbsZfzr5_nAhVmzlkKHTxlCiAQFjABegQIAhAB&amp;url=https%3A%2F%2Fdash.harvard.edu%2Fbitstream%2Fhandle%2F1%2F3693705%2FKremer_PatentBuyouts.pdf&amp;usg=AOvVaw0SNazaLiLNUzWPj_NYCxHT\" target=\"_blank\" role=\"button\" rel=\"noopener noreferrer\">\n\t\t\t\t\t\t\tDownload the article\n\t\t\t<\/a>\n\t<p><strong>Citation:<\/strong><\/p>\n<p>Kremer, Michael R. 1998. \u201c<a href=\"https:\/\/dash.harvard.edu\/handle\/1\/3693705\">Patent buyouts: A mechanism for encouraging innovation<\/a>.\u201d Quarterly Journal of Economics 113(4): 1137-1167.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In this article, 2019 Nobel laureate Michael Kremer looks back to history for an example of a patent buyout: a situation in which the government buys the patent for a technology which would be beneficial to the public, and then places it in the public domain.<\/p>\n","protected":false},"author":2197,"featured_media":2421,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"tpl-full-width.php","format":"standard","meta":{"_acf_changed":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[60,308,95,544,89,102],"tags":[540,536,105,538,539,523,548,549,547],"class_list":["post-2463","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-content-type","category-full-research-articles","category-governance-institutions-and-political-economy-research","category-new-this-just-in","category-browse-by-research-topic","category-technology-and-innovation-browse-by-research-topic","tag-full-article","tag-governance-and-institutions","tag-health","tag-kremer","tag-michael-kremer","tag-nobel-2019","tag-patent","tag-patent-buyouts","tag-technology-and-innovation"],"acf":[],"_links":{"self":[{"href":"https:\/\/sites.williams.edu\/cdealumniresources\/wp-json\/wp\/v2\/posts\/2463","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sites.williams.edu\/cdealumniresources\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sites.williams.edu\/cdealumniresources\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sites.williams.edu\/cdealumniresources\/wp-json\/wp\/v2\/users\/2197"}],"replies":[{"embeddable":true,"href":"https:\/\/sites.williams.edu\/cdealumniresources\/wp-json\/wp\/v2\/comments?post=2463"}],"version-history":[{"count":4,"href":"https:\/\/sites.williams.edu\/cdealumniresources\/wp-json\/wp\/v2\/posts\/2463\/revisions"}],"predecessor-version":[{"id":2784,"href":"https:\/\/sites.williams.edu\/cdealumniresources\/wp-json\/wp\/v2\/posts\/2463\/revisions\/2784"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sites.williams.edu\/cdealumniresources\/wp-json\/wp\/v2\/media\/2421"}],"wp:attachment":[{"href":"https:\/\/sites.williams.edu\/cdealumniresources\/wp-json\/wp\/v2\/media?parent=2463"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sites.williams.edu\/cdealumniresources\/wp-json\/wp\/v2\/categories?post=2463"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sites.williams.edu\/cdealumniresources\/wp-json\/wp\/v2\/tags?post=2463"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}