Real Options and Intellectual Property

Capital Budgeting Under Imperfect Patent Protection
2007
ISBN: 978-3-540-48263-5
Verlag: Springer Berlin Heidelberg

Buch, Englisch, Band 587, 282 Seiten, Paperback, Format (B × H): 155 mm x 235 mm, Gewicht: 444 g

Reihe: Lecture Notes in Economics and Mathematical Systems

Over the last years, due to intensive competition in the knowledge economy, legal aspects surrounding intellectual property (IP) rights - including litigation and settlement - have continuously gained in importance. Correspondingly, professional IP management has become an indispensable element of successful value-based management (VBM) in research-intensive firms.

With this text, the author proposes an integrated approach to patent risk and capital budgeting in pharmaceutical research and development (R and D), developing an option-based view (OBV) of imperfect patent protection, which draws upon contingent-claims analysis, stochastic game theory, as well as novel numerical methods. Bridging a widening gap between recent advances in the theory of financial analysis and current challenges faced by pharmaceutical companies, the text re-initiates a discussion about the contribution of quantitative frameworks to value-based R and D management.

Zielgruppe

Research

Autoren/Hrsg.

Baecker, Philipp N.

Fachgebiete

• Wirtschaftswissenschaften Volkswirtschaftslehre Volkswirtschaftslehre Allgemein Ökonometrie
• Rechtswissenschaften Wirtschaftsrecht
• Wirtschaftswissenschaften Volkswirtschaftslehre Volkswirtschaftslehre Allgemein Wirtschaftstheorie, Wirtschaftsphilosophie
• Wirtschaftswissenschaften Wirtschaftssektoren & Branchen Fertigungsindustrie Pharmaindustrie
• Wirtschaftswissenschaften Betriebswirtschaft Wirtschaftsmathematik und -statistik
• Mathematik | Informatik Mathematik Numerik und Wissenschaftliches Rechnen Angewandte Mathematik, Mathematische Modelle
• Wirtschaftswissenschaften Volkswirtschaftslehre Volkswirtschaftslehre Allgemein Geldwirtschaft, Währungspolitik
• Wirtschaftswissenschaften Betriebswirtschaft Management Forschung & Entwicklung (F&E), Innovation

Inhaltsverzeichnis

Patenting Under Uncertainty.- Patent Protection, the Firm, and the Economy.- Uncertainty, Irreversibility, and Flexibility.- Patent Protection in the Pharmaceutical Industry.- Exogenous Patent Risk.- and Related Work.- Patents as Investment Opportunities.- Patent Risk as Jumps in the Underlying Process.- From Business Shifts to Jump Processes.- Preliminary Conclusion.- Endogenous Patent Risk.- and Related Work.- Patent Risk as an Option to Litigate.- Preliminary Conclusion.- Conclusion.