Vassar Scholarship

Over one weekend at the beginning of October 2019, Eliud Kipchoge's sub-two-hour marathon in the INEOS 1:59 Challenge and Brigid Kosgei's world-record-breaking Chicago Marathon win reset the clock in terms of what was believed to be humanly possible in the...

We develop a model of bargaining and litigation in the context of patent licensing (or any contractual setting). Following Priest and Klein (1984) we developed a model that explicitly allows for (1) multiple parties (leading to asymmetry of stakes), (2)...

In this note we investigate the infringement (entry) decision for a firm facing an incumbent patent holder with uncertain patent rights. The entrant risks a dispute by entering, resulting in either a settlement (licensing) or litigation and trial. Using the...

In June 2005, the Supreme Court made one of its least popular decisions in recent history. In Kelo v. New London, the Court missed a simple point: that local decision makers make local decisions.

This paper presents structural estimates of the probability of validity, and the probability of Type I and Type II errors by courts in patent litigation. Patents are modeled as uncertain property rights, and implications of the model are tested using...

This paper merges patent citation data with data on pharmaceutical patent expirations, generic entry, and pricing to explore the effects of observable patent characteristics on off-patent and on-patnet pharmaceutical pricing. Using a sample of drug patents facing generic entry in...

The use of patent citations as a measure of patent "quality" increased dramatically in recent years. I estimate the hazard of patent citation, and find evidence of unobserved heterogeneity. Hazard estimation provides a means to separate patent quality from citation...

In this paper I present a real options model of patent litigation when patents are not perfectly enforceable. I consider both finite horizon and infinite horizon models. The theoretical results demonstrate that patent value depends not only on the underlying...

Using a sample of patents litigated between 1977 and 1997, I estimate stock market reactions to patent litigation decisions and to patent grants. I find that the resolution of uncertainty over validity and infringement is worth as much to the...