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Complete versions of this CEP discussion paper are available in
Zipped (Type1) Postscript [161k],
(ordinary) PDF
[32 pages, 215k]
formats.
It is also
CEPR DP#3317.
Published: De Economist October
2002, vol. 150 no. 4, pp. 381--403
CEP DISCUSSION PAPER NO.534 June 2002
Technology and Growth
Matching demand and supply in a weightless economy:
Market-driven creativity with and without IPRs
D. Quah
Many cultural products have the same nonrival nature as scientific
knowledge. They therefore face identical difficulties in creation and
dissemination. One traditional view says market failure is endemic:
Societies tolerate monopolistic inefficiency in intellectual property
(IP) protection to incentivize the creation and distribution of
intellectual assets. This paper examines that tradeoff in dynamic,
representative agent general equilibrium, and characterizes socially
efficient creativity. Markets for intellectual assets protected by IP
rights can produce too much or too little innovation.
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