Explain the ‘Innovation theory’ and its effect on patents.

Question

27 Mar 2022

Answer :

Word Count : 411

Let u denote the utility of an innovator and i the level of innovation produced by the innovator.

(E1) u = u(payoff(i),cost(i))

Increasing in the first argument and decreasing in the second. Cost of innovation would include explicit costs such as materials and labour, as well as items such as opportunity cost of the innovator's time etc. However as patents affect the payoff it is this that will be examined in more detail. Let us write:

(E2) payoff(i) = payoff(x(i),y(i),Z(i))

x = income from innovation
y = indirect income from innovation (via consultancy etc)
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