Pricing innovation: The anchoring effect in patent valuation

IF 11.1 1区 管理学 Q1 ENGINEERING, INDUSTRIAL
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引用次数: 0

Abstract

Prior literature has long recognized the substantial economic value that patents hold in the market. Yet, we know much less about the valuation process, i.e., how market audiences estimate (or determine) the value of newly granted patents. Building on behavioral economics, we propose the anchoring effect as an important cognitive mechanism, such that a patent's valuation is anchored on the value that preceding patents have secured. Analyzing financial valuation of U.S. patents between 1991 and 2010, we find broad support to the anchoring effect. The effect is more pronounced when focal patents are of lower novelty, when prior anchors are more consistent, and when focal firms have a higher patenting frequency. Furthermore, our extensional analysis suggests that anchoring acts as an important driver for the divergence between patents' economic value and scientific quality, which deserves attention from firms and policy makers.

创新定价:专利估值中的锚定效应
先前的文献早已认识到专利在市场中拥有巨大的经济价值。然而,我们对专利的估价过程,即市场受众如何估算(或确定)新授权专利的价值却知之甚少。在行为经济学的基础上,我们提出了锚定效应这一重要的认知机制,即一项专利的估值是以之前专利所获得的价值为基础的。通过分析 1991 年至 2010 年间美国专利的财务估值,我们发现锚定效应得到了广泛支持。当焦点专利的新颖性较低、先前的锚定物更加一致以及焦点企业的专利申请频率较高时,锚定效应会更加明显。此外,我们的延伸分析表明,锚定效应是专利的经济价值与科学质量之间出现分歧的重要驱动因素,值得企业和政策制定者关注。
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来源期刊
Technovation
Technovation 管理科学-工程:工业
CiteScore
15.10
自引率
11.20%
发文量
208
审稿时长
91 days
期刊介绍: The interdisciplinary journal Technovation covers various aspects of technological innovation, exploring processes, products, and social impacts. It examines innovation in both process and product realms, including social innovations like regulatory frameworks and non-economic benefits. Topics range from emerging trends and capital for development to managing technology-intensive ventures and innovation in organizations of different sizes. It also discusses organizational structures, investment strategies for science and technology enterprises, and the roles of technological innovators. Additionally, it addresses technology transfer between developing countries and innovation across enterprise, political, and economic systems.
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