With the 2011 America Invents Act, the United States discarded its century-old first-to-invent patent-awarding system in favor of a first-to-file rule. Critics have argued that the first-to-file rule rewards speed in patent applications rather than creativity, thereby undermining innovation. We evaluate this concern within a dynamic model of a patent race, and find first-to-invent (weakly) more conducive to innovation than first-to-file. Defending prior users' rights can promote both pro- and anti-R&D effect of a switch to first-to-file.
CITATION STYLE
Miyagiwa, K. (2015). The 2011 America Invents Act: Does it Undermine Innovation? Journal of Economics and Management Strategy, 24(2), 211–227. https://doi.org/10.1111/jems.12092
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