Decision Sciences
4 years ago

Innovative prizes eliminate deadweight losses, revolutionizing incentives for inventions!

Prizes and Patents: Using Market Signals to Provide Incentives for Innovations
V. V. Chari, Mikhail Golosov, Aleh Tsyvinski

Paper Summary

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Innovations are costly to create but easy to copy once they exist. This study asks if market signals can encourage innovation effectively. If innovators can't manipulate signals, prizes work well to promote innovation without extra costs. But if they can manipulate signals, patents are needed to protect their work.