2025年5月9日（周五）

15:00-16:30

徐建欢教授

新加坡管理大学

This paper explores a potential “dark side” of patent trade in reinforcing monopolists’ market power. We analyze how the patent trade boom affects new innovations and industry dynamics. While easier patent trade encourages more patent creation, these new patents disproportionately benefit existing monopolists, who are more likely to acquire them. Using an endogenous growth model with patent trade, we show that subsidizing patent transactions may shift investors' research focus toward monopolists, further entrench their market power, and ultimately reduce social welfare. An optimal subsidy policy should account for the initial misallocation in the invention market.