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Economics And Patents
Patents are legal instruments intended to encourage innovation by providing a limited monopoly to the inventor (or their assignee) in return for the disclosure of the invention. The underlying assumption is that innovation is encouraged because an inventor can secure exclusive rights and, therefore, a higher probability of financial rewards for their product in the marketplace or the opportunity to profit from licensing the rights to others. The publication of the invention is mandatory to get a patent. Keeping the same invention as a trade secret rather than disclosing it in a patent publication, for some inventions, could prove valuable well beyond the limited time of any patent term but at the risk of unpermitted disclosure or congenial invention by a third party. Costs, benefits, risks of the patent system to the public The patent system is designed to encourage innovation. This is because patents, by conferring rights on the owner to exclude competitors from the market, pr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Innovation
Innovation is the practical implementation of ideas that result in the introduction of new goods or services or improvement in offering goods or services. ISO TC 279 in the standard ISO 56000:2020 defines innovation as "a new or changed entity realizing or redistributing value". Others have different definitions; a common element in the definitions is a focus on newness, improvement, and spread of ideas or technologies. Innovation often takes place through the development of more-effective products, processes, services, technologies, art works or business models that innovators make available to markets, governments and society. Innovation is related to, but not the same as, invention: innovation is more apt to involve the practical implementation of an invention (i.e. new / improved ability) to make a meaningful impact in a market or society, and not all innovations require a new invention. Technical innovation often manifests itself via the engineering process when the prob ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Competitive Equilibrium
Competitive equilibrium (also called: Walrasian equilibrium) is a concept of economic equilibrium introduced by Kenneth Arrow and Gérard Debreu in 1951 appropriate for the analysis of commodity markets with flexible prices and many traders, and serving as the benchmark of efficiency in economic analysis. It relies crucially on the assumption of a competitive environment where each trader decides upon a quantity that is so small compared to the total quantity traded in the market that their individual transactions have no influence on the prices. Competitive markets are an ideal standard by which other market structures are evaluated. Definitions A competitive equilibrium (CE) consists of two elements: * A price function P. It takes as argument a vector representing a bundle of commodities, and returns a positive real number that represents its price. Usually the price function is linear - it is represented as a vector of prices, a price for each commodity type. * An allocation ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Patent Law
A patent is a type of intellectual property that gives its owner the legal right to exclude others from making, using, or selling an invention for a limited period of time in exchange for publishing an enabling disclosure of the invention."A patent is not the grant of a right to make or use or sell. It does not, directly or indirectly, imply any such right. It grants only the right to exclude others. The supposition that a right to make is created by the patent grant is obviously inconsistent with the established distinctions between generic and specific patents, and with the well-known fact that a very considerable portion of the patents granted are in a field covered by a former relatively generic or basic patent, are tributary to such earlier patent, and cannot be practiced unless by license thereunder." – ''Herman v. Youngstown Car Mfg. Co.'', 191 F. 579, 584–85, 112 CCA 185 (6th Cir. 1911) In most countries, patent rights fall under private law and the patent holder mus ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
World Intellectual Property Organization
The World Intellectual Property Organization (WIPO; french: link=no, Organisation mondiale de la propriété intellectuelle (OMPI)) is one of the list of specialized agencies of the United Nations, 15 specialized agencies of the United Nations (UN). Pursuant to the 1967 Convention Establishing the World Intellectual Property Organization, WIPO was created to promote and protect intellectual property (IP) across the world by cooperating with countries as well as international organizations. It began operations on 26 April 1970 when the convention entered into force. The current Director General is Singaporean Daren Tang, former head of the Intellectual Property Office of Singapore, who began his term on 1 October 2020. WIPO's activities include hosting forums to discuss and shape international IP rules and policies, providing global services that register and protect IP in different countries, resolving transboundary IP disputes, helping connect IP systems through uniform stand ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Library Of Economics And Liberty
Liberty Fund, Inc. is an American private educational foundation headquartered in Carmel, founded by Pierre F. Goodrich. Through publishing, conferences, and educational resources, the operating mandate of the Liberty Fund was set forth in an unpublished memo written by Goodrich "to encourage the study of the ideal of a society of free and responsible individuals".Morgan N. KnullGoodrich, Pierre, ''First Principles'', 09/23/11Robert T. Grimm (ed.), ''Notable American Philanthropists: Biographies of Giving and Volunteering'', Greenwood Publishing Group, 2002, pp. 125–128 History Liberty Fund was founded by Pierre F. Goodrich in 1960. In 1997 it received an $80 million donation from Goodrich's wife, Enid, increasing its assets to over $300 million. In November 2015, it was announced that the Liberty Fund was building a $22 million headquarters in Carmel, Indiana. Liberty Fund has been cited by historian Donald T. Critchlow as one of the endowed conservative foundations which ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Concise Encyclopedia Of Economics
Liberty Fund, Inc. is an American private educational foundation headquartered in Carmel, founded by Pierre F. Goodrich. Through publishing, conferences, and educational resources, the operating mandate of the Liberty Fund was set forth in an unpublished memo written by Goodrich "to encourage the study of the ideal of a society of free and responsible individuals".Morgan N. KnullGoodrich, Pierre, ''First Principles'', 09/23/11Robert T. Grimm (ed.), ''Notable American Philanthropists: Biographies of Giving and Volunteering'', Greenwood Publishing Group, 2002, pp. 125–128 History Liberty Fund was founded by Pierre F. Goodrich in 1960. In 1997 it received an $80 million donation from Goodrich's wife, Enid, increasing its assets to over $300 million. In November 2015, it was announced that the Liberty Fund was building a $22 million headquarters in Carmel, Indiana. Liberty Fund has been cited by historian Donald T. Critchlow as one of the endowed conservative foundations which ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Prizes As An Alternative To Patents
Some authors advocating patent reform have proposed the use of prizes as an alternative to patents. Critics of the current patent system, such as Joseph E. Stiglitz, say that patents fail to provide incentives for innovations which are not commercially marketable. Stiglitz provides the idea of prizes instead of patents to be awarded in order to further advance solutions to global problems such as AIDS. Background Patents essentially provide a temporary monopoly on a product to the first inventor or firm which comes up with the product. Patents vary in length but are designed to last long enough for the innovator to make a return on investment. The nature of patents makes them an incentive so long as the product being invented is distributed to consumers through markets. While patented products are in the market, the producer can place any price on the product, regardless of the price of production which typically dictates prices in markets. If a product is not being distributed thr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Software Patent Debate
The software patent debate is the argument about the extent to which, as a matter of public policy, it should be possible to patent software and computer-implemented inventions. Policy debate on software patents has been active for years. The opponents to software patents have gained more visibility with fewer resources through the years than their pro-patent opponents. Arguments and critiques have been focused mostly on the economic consequences of software patents. One aspect of the debate has focused on the proposed European Union directive on the patentability of computer-implemented inventions, also known as the "CII Directive" or the "Software Patent Directive," which was ultimately rejected by the EU Parliament in July 2005. Arguments for patentability There are several arguments commonly given in defense of software patents or defense of the patentability of computer-implemented inventions. Public disclosure * Through public disclosure, patents encourage the open sha ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Business Valuation
Business valuation is a process and a set of procedures used to estimate the economic value of an owner's interest in a business. Here various valuation techniques are used by financial market participants to determine the price they are willing to pay or receive to effect a sale of the business. In addition to estimating the selling price of a business, the same valuation tools are often used by business appraisers to resolve disputes related to estate and gift taxation, divorce litigation, allocate business purchase price among business assets, establish a formula for estimating the value of partners' ownership interest for buy-sell agreements, and many other business and legal purposes such as in shareholders deadlock, divorce litigation and estate contest. Specialized business valuation credentials include the Chartered Business Valuator (CBV) offered by the CBV Institute, ASA and CEIV from the American Society of Appraisers, and the CVA by the National Association of Certifi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Option (finance)
In finance, an option is a contract which conveys to its owner, the ''holder'', the right, but not the obligation, to buy or sell a specific quantity of an underlying asset or instrument at a specified strike price on or before a specified date, depending on the style of the option. Options are typically acquired by purchase, as a form of compensation, or as part of a complex financial transaction. Thus, they are also a form of asset and have a valuation that may depend on a complex relationship between underlying asset price, time until expiration, market volatility, the risk-free rate of interest, and the strike price of the option. Options may be traded between private parties in ''over-the-counter'' (OTC) transactions, or they may be exchange-traded in live, public markets in the form of standardized contracts. Definition and application An option is a contract that allows the holder the right to buy or sell an underlying asset or financial instrument at a specified strike ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Call Option
In finance, a call option, often simply labeled a "call", is a contract between the buyer and the seller of the call option to exchange a security at a set price. The buyer of the call option has the right, but not the obligation, to buy an agreed quantity of a particular commodity or financial instrument (the underlying) from the seller of the option at a certain time (the expiration date) for a certain price (the strike price). This effectively gives the owner a ''long'' position in the given asset. The seller (or "writer") is obliged to sell the commodity or financial instrument to the buyer if the buyer so decides. This effectively gives the seller a ''short'' position in the given asset. The buyer pays a fee (called a premium) for this right. The term "call" comes from the fact that the owner has the right to "call the stock away" from the seller. Price of options Option values vary with the value of the underlying instrument over time. The price of the call contract ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Aswath Damodaran
Aswath Damodaran (born 24 September 1957), is a Professor of Finance at the Stern School of Business at New York University (Kerschner Family Chair in Finance Education), where he teaches corporate finance and equity valuation. Background Known as the "Dean of Valuation" due to his expertise in that subject, Damodaran is best known as the author of several widely used academic and practitioner texts on Valuation, Corporate Finance and Investment Management as well as provider of comprehensive, regularly updated fundamental data for valuation purposes. He is widely quoted on the subject of valuation, with "a great reputation as a teacher and authority". He has written several books on equity valuation, as well as on corporate finance and investments. He is widely published in leading journals of finance, including ''The Journal of Financial and Quantitative Analysis'', ''The Journal of Finance'', ''The Journal of Financial Economics'' and the ''Review of Financial Studies''. H ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
