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"Jaffe, Adam B"
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Innovation and its discontents
The United States patent system has become sand rather than lubricant in the wheels of American progress. Such is the premise behind this provocative and timely book by two of the nation's leading experts on patents and economic innovation.
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Universities as a Source of Commercial Technology: A Detailed Analysis of University Patenting, 1965-1988
This paper explores the recent explosion in university patenting as a source of insight into the changing relationship between the university and the private sector. Before the mid- 1980s, university patents were more highly cited, and were cited by more diverse patents, than a random sample of all patents. More recently several significant shifts in university patenting behavior have led to the disappearance of this difference. Thus our results suggest that between 1965 and 1988 the rate of increase of important patents from universities was much less than their overall rate of increase of patenting.
Journal Article
Market Value and Patent Citations
We explore the usefulness of patent citations as a measure of the \"importance\" of a firm's patents, as indicated by the stock market valuation of the firm's intangible stock of knowledge. Using patents and citations for 1963-1995, we estimate Tobin's q equations on the ratios of R&D to assets stocks, patents to R&D, and citations to patents. We find that each ratio significantly affects market value, with an extra citation per patent boosting market value by 3%. Further findings indicate that \"unpredictable\" citations have a stronger effect than the predictable portion, and that self-citations are more valuable than external citations.
Journal Article
Flows of Knowledge from Universities and Federal Laboratories: Modeling the Flow of Patent Citations over Time and across Institutional and Geographic Boundaries
The extent to which new technological knowledge flows across institutional and national boundaries is a question of great importance for public policy and the modeling of economic growth. In this paper we develop a model of the process generating subsequent citations to patents as a lens for viewing knowledge diffusion. We find that the probability of patent citation over time after a patent is granted fits well to a double-exponential function that can be interpreted as the mixture of diffusion and obsolescense functions. The results indicate that diffusion is geographically localized. Controlling for other factors, within-country citations are more numerous and come more quickly than those that cross country boundaries.
Journal Article
Reinventing Public R&D: Patent Policy and the Commercialization of National Laboratory Technologies
Despite their magnitude and potential impact, federal R&D expenditures outside of research universities have attracted little economic scrutiny. We examine the initiatives since 1980 to encourage patenting and technology transfer at the national laboratories. Both field and empirical research challenges the conventional picture of bleak failure. The policy changes had a substantial impact on the laboratories' patenting: they have gradually reached parity in patents per R&D dollar with research universities. Unlike universities, laboratory patent quality has remained constant or even increased despite this growth. Success is associated with avoiding technological diversification and with having a university as lab manager.
Journal Article
Environmental Regulation and Innovation: A Panel Data Study
In a 1991 essay in Scientific American, Michael Porter suggested that environmental regulation may have a positive effect on the performance of domestic firms relative to their foreign competitors by stimulating domestic innovation. We examine the stylized facts regarding environmental expenditures and innovation in a panel of manufacturing industries. We find that lagged environmental compliance expenditures have a significant positive effect on R&D expenditures when we control for unobserved industry-specific effects. We find little evidence, however, that industries' inventive output (as measured by successful patent applications) is related to compliance costs.
Journal Article
Bounding the Effects of R&D: An Investigation Using Matched Establishment-Firm Data
We find that the effects of parent firm R&D on plant-level productivity are diminished by both the geographic and technological distance between the research lab and the plants; that productivity appears to depend on R&D per plant rather than the total amount; and that spillovers from technologically related firms are significant but also depend on R&D intensity rather than total industry R&D. These results suggest that the \"dilution\" of R&D across multiple target plants reduces its potency sufficiently that spillovers may not be a source of industrywide or economywide increasing returns.
Journal Article