THE VALUATION OF PATENTS教程

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1、THEVALUATIONOFPATENTS:AreviewofpatentvaluationmethodswithconsiderationofoptionbasedmethodsandthepotentialforfurtherresearchRobertPitkethlyTheSaidBusinessSchoolUniversityofOxfordParkEndStreet,OxfordOX11HP&OxfordIntellectualPropertyResearchCentreSt.Peter’sCollege,OxfordOX12DLE-Mail:rober

2、t.pitkethly@sbs.ox.ac.ukWeb:www.oiprc.ox.ac.ukThispaperhasalsobeenpublishedas:JudgeInstituteWorkingPaperWP21/97TheJudgeInstituteofManagementStudiesTrumpingtonStreet,CambridgeCB21AGAnearlierversionofthispaperwasalsopresentedattheconference:NewDevelopmentsinIntellectualProperty:LawandEco

3、nomics,heldatSt.Peter’sCollege,Oxford,17-18March1997©R.H.Pitkethly1997THEVALUATIONOFPATENTS:AreviewofpatentvaluationmethodswithconsiderationofoptionbasedmethodsandthepotentialforfurtherresearchABSTRACTIntellectualPropertyRights(IPRs)areviewedasbeingofincreasingimportanceinmanyfieldsofb

4、usiness.However,onepotentialhindrancetotheirbeingconsideredofsignificantvalue,isthelackofappreciationofpracticalmethodsofvaluingthemparticularlyearlyintheirlifeunderconditionsofuncertaintyabouttheirfutureprospects.Lackofpracticalvaluationmethodsundersuchconditionscanleadtosub-optimalde

5、cisionmakinginthecourseofmanaginganIPportfolio.Thispaperconsidersthecaseofpatentswhosevalueconstantlyneedsassessingduringtheapplicationprocess,onrenewalandforlicensing,purchaseandsalenegotiations.Currentpracticeinpatentvaluationsarereviewedasisrelevantliteraturegatheredfromanumberoffie

6、ldsincludingaccountingmethods,discountedcashflow(DCF),relateddecisiontreeanalysis(DTA)methods,andeconometricmethodsbasedonrenewalandstockmarketdata.Particularattentionisalsopaidtooptionpricingtheorybasedvaluationmethodsforrealassetsandframeworksareproposedforitsapplicationtothetaskofva

7、luingpatents.InparticularitissuggestedthatoneimplicationofstudiesofrenewaldatabasedmodelsbyPakesetalshowingthatoptionvaluesdeclinewithpatentlifeisthatconservativefilingdecisionsareusuallyjustified.Optionbasedvaluationapproachesarethusproposedasausefulandpotentiallypowerfulframeworkin