According to Chang et al. (2013), social welfare under licensing is lower than under no-licensing if the R&D efficiency is high. We show that this result is not correct, as when R&D efficiency is high social welfare is higher under licensing than under no-licensing.
Colombo, S., Filippini, L., Licensing and innovation: comment, <<ECONOMICS LETTERS>>, 2014; 125 (3): 353-356. [doi:10.1016/j.econlet.2014.09.036] [http://hdl.handle.net/10807/71938]
Licensing and innovation: comment
Colombo, Stefano;Filippini, Luigi
2014
Abstract
According to Chang et al. (2013), social welfare under licensing is lower than under no-licensing if the R&D efficiency is high. We show that this result is not correct, as when R&D efficiency is high social welfare is higher under licensing than under no-licensing.
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