Patent protection, market uncertainty, and R&D investment

Czarnitzki, Dirk; Toole, Andrew A.

Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/24511

more recent Version:

hdl:10419/24705

Title:

Patent protection, market uncertainty, and R&D investment

Authors:

Czarnitzki, Dirk
Toole, Andrew A.

Year of Publication:

2006

Series/Report no.:

ZEW Discussion Papers No. 06-056

Publisher:

Zentrum für Europäische Wirtschaftsforschung (ZEW), Mannheim

Abstract:

The real options investment theory shows that greater uncertainty about market revenues reduces current R&D investment by increasing the value of waiting. This paper presents empirical evidence that patent protection mitigates the effect market uncertainty on R&D investment.

Subjects:

Real Options Theory
Uncertainty
R&D
Intellectual Property Protection
Censored Regression

JEL:

O33
O31
C25

Document Type:

Working Paper

Appears in Collections:

Publikationen von Forscherinnen und Forschern des ZEW - Leibniz-Zentrum für Europäische Wirtschaftsforschung
ZEW Discussion Papers, ZEW - Leibniz-Zentrum für Europäische Wirtschaftsforschung

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