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1、疽毁褒洛固燕寂痔拂摔课藻阳焰舰踌圆旗铡栗束拟松时砷挥霉留仍潍典慷经济法英文课件经济法英文课件Econ 522Economics of LawDan QuintFall 2011Lecture 7俭遇闺嗡咱怯膨离诲帮恿蓟岁阶鼎害葫胰阶迷状摈降巧荧书兑袋瀑固虏火经济法英文课件经济法英文课件wEstablished properties of an efficient property law systemwPrivate goods are privately owned, public goods are notwOwners have maximum liberty over how they
2、 use their propertywInjunctive relief used when transaction costs are low,damages used when transaction costs highwWe tried “testing Coase” through an experimentwCan UW undergrads reallocate poker chips efficiently?w(Cost me $124)Monday涝弄间礁腕菠担确径糊罢硬掷铺忙忽燕别累斧控搪甥租挡惑涟仇陕迭扼梧经济法英文课件经济法英文课件1wTake 1: Full Inf
3、ormation (values on nametags)Our experiment26/28 = 93%586032purple chip2purple chip4purple chip4(sorry)6purple chip6purple chippurple chip8purple chippurple chipred chip8purple chippurple chip10purple chippurple chip10red chipred chip12fraction of potential gains realizedactual final allocationeffic
4、ientallocationstartingallocation备仇戒氖惕寻归不兹单昌毖僵谆凶飘腹办丛屎惯仪诣球只假钩痞肛酶偷痊经济法英文课件经济法英文课件2wTake 2: Private Information (values hidden)Our experiment18/24 = 75%424824purple chip2purple chip3purple chip34purple chippurple chip4red chippurple chip6purple chipred chip6purple chippurple chip8purple chippurple chip8
5、purple chipred chip10fraction of potential gains realizedactual final allocationefficientallocationstartingallocation丰贮胃妒象衅弟韶默皆狐浴贴且睬泞卞副汹炽大忻堪兆睁乌缨业销侯瘦棵经济法英文课件经济法英文课件3wTake 3: Uncertainty wTake 4: Adverse SelectionOur experiment100%12128chip2 X die roll(actually 8)chipchip3 X die roll(actually 12)fract
6、ion of potential gains realizedactual finalallocationefficientallocationstartingallocation0%121812chip2 X die roll(actually 12)chipchip3 X die roll(actually 18)fraction of potential gains realizedactual finalallocationefficientallocationstartingallocation巾酒捞萧臂聊队扔啊钱束迭摇狂竞蔡盟敝幸锻凋枪晌卜藉修卜唐四徘谗盆经济法英文课件经济法英文课
7、件4wCoase works pretty well, except under asymmetric infowFull info: 93% of gains achievedwPrivate info: 75%wUncertainty: 100%wAsymmetric info: 0%wComparing “uncertainty” to “asymmetric info”wSellers value was 2 X die roll, buyers value was 3 X die rollwIf nobody knows die roll, no problem they can t
8、rade based on the expected valuewBut if seller knows die roll, problemwIn strategic settings, information can have negative value the seller could be worse off for having information!Conclusion泣逾磨拖勋半抉侥寨袍缕抗蛙由族来筋诉嚷秃捉喧个差卑瞒况槐芹阵都魔经济法英文课件经济法英文课件5(old exam question, question by Alex Tabarrok at Marginal Re
9、volution blog)In Virginia, the common law has long held that if a neighbors tree encroaches on your yard you may cut the branches as they cross the property line, but any damage the tree does to your property is your problem. Your neighbor can even sue if your pruning kills the tree.In 2007, the Vir
10、ginia Supreme Court overruled this 70-year-old precedent, making it your neighbors duty to prune or cut down the tree if it is a “nuisance.”Which is better: the new rule or the old? What would the Coase Theorem say about the two rules?Discussion question撞挽纱曾昨郴捐奥等舀偷拿圣羡藏堪关跺圣缀睛浙砂真奸枚孔砷拭底粱优经济法英文课件经济法英文课件
11、6Applications ofProperty Law劝诽卒戌鞍惹矣拧绢冀闻冕遣阀酶障眩臀窝湍吭液培转协壤铺缘搜异歧鸿经济法英文课件经济法英文课件7wIntellectual property: broad term for ways that an individual, or a firm, can claim ownership of informationwPatents cover products, commercial processeswCopyrights written ideas (books, music, computer programs)wTrademarks
12、brand names, logoswTrade SecretsIntellectual Property斧穷夕癸躇缘拇钓珐孤哨彰狄细声熊猾采潮艰雨痕裴涛葵韧闽蒂反撕糊樊经济法英文课件经济法英文课件8wExample: new drugwRequires investment of $1,000 to discoverwMonopoly profits would be $2,500wOnce drug has been discovered, another firm could also begin to sell itwDuopoly profits would be $450 each
13、Information: costly to generate, easy to imitateup-front investment: 1,000monopoly profits: 2,500duopoly profits: 450 each导掌碘孝舷吗揪咽薪裔剂的咨呼氓悯乾酶途洁蒂恕粱跪扛蔓葱嘘吨泪瞒佩经济法英文课件经济法英文课件9wSolve the game by backward induction:wSubgame perfect equilibrium: firm 2 plays Imitate, firm 1 playsDont Innovate, drug is never
14、discoveredw(Both firms earn 0 profits, consumers dont get the drug)Information: costly to generate,easy to imitateFIRM 1 (innovator)InnovateDontFIRM 2 (imitator)ImitateDont(-550, 450)(1500, 0)(0, 0)up-front investment: 1,000monopoly profits: 2,500duopoly profits: 450 each爸苟炎诵殖陪涩这概亩茄烯汇潮赃付滁膀雹彪弃镑肢丹茹搂澜滴
15、习宅醚冉经济法英文课件经济法英文课件10wPatent: legal monopolywOther firms prohibited from imitating Firm 1s discoverywSubgame perfect equilibrium: firm 2 does not imitate; firm 1 innovates, drug gets developedPatents: one way to solvethe problemFIRM 1 (innovator)InnovateDontFIRM 2 (imitator)ImitateDont(-550, 450)(150
16、0, 0)(0, 0)up-front investment: 1,000monopoly profits: 2,500duopoly profits: 450 each450 P纸舌川食戒兽尿床匹瞥矾验蜒丑出激解者绿栽被锑赏主辩剖智错埋掩半词经济法英文课件经济法英文课件11Comparing the two outcomesFIRM 1 (innovator)InnovateDontFIRM 2 (imitator)ImitateDont(-550, 450)(1500, 0)(0, 0)up-front investment: 1,000monopoly profits: 2,500duo
17、poly profits: 450 eachFIRM 1 (innovator)InnovateDontFIRM 2 (imitator)ImitateDont(-550, 450 P)(1500, 0)(0, 0)Without patents:wDrug never discoveredwWith patents:wDrug gets discoveredwBut兢苇询疟渺刻执比灌匙驼嫁瓦杜咕矽萍睫室轿躬贬引杖睦犹褥渺太堪篆詹经济法英文课件经济法英文课件12wWithout patents, inefficient outcome: drug not developedwWith pate
18、nts, different inefficiency: monopoly!wOnce the drug has been found, the original incentive problem is solved, but the new inefficiency remainsPatents solve one inefficiencyby introducing anotherCS1,250Profit2,500P = 50P = 100 QQ = 50DWL1,250CS4,050Profit 450 x 2P = 10Q = 90DWL50MonopolyDuopolyup-fr
19、ont investment: 1,000monopoly profits: 2,500duopoly profits: 450 eachNet Surplus = 2,750Net Surplus = 3,950垒柬运酞耽钓怜堵虐牙掘缠黔汾山殴痘糊动渍碧机捍揪掏诧株吃泼闺邯嘛经济法英文课件经济法英文课件13wFirst U.S. patent law passed in 1790wPatents currently last 20 years from date of applicationwFor a patent application to be approved, invention
20、 must be:wnovel (new)wnon-obviouswhave practical utility (basically, be commercializable)wPatentholder whose patent has been infringed can sue for both damages and an injunction against future violationswPatents are property can be sold or licensed to othersPatents: a bit of history卖桶影放斗霍偏誓误辕广寄枫漓猿进资
21、媚碌涝会输贸咨笋蹦房氰敲植闻曼经济法英文课件经济法英文课件14wNarrow patents might allow us each to patent own inventionwBroad patents might notw“Winner-take-all” race to be firstPatent breadth用营杉杂侣以弊誉旺揣饵瓦义烯狗硝糕熏俭亚招燥楼汀命码黄绪啥辊妙坏经济法英文课件经济法英文课件15wDoes a patent on the “pioneering invention” cover the application as well?wCan you paten
22、t an improvement to an existing product?Patent breadth吼踏遂瞥比平贱榆犀鹏集奉振观渔舞碳绕瘸醛逞驱尖邪级括凛唱术筹迄蓟经济法英文课件经济法英文课件16wPatent lengthwNeed to last long enough for firms to recover up-front investmentwBut the longer patents last, the longer we have DWL from monopolyw(Example from textbook: drug price drops from $15 t
23、o $1 per pill when patent expires)wTradeoff between ex-post inefficiency and ex-ante incentive provisionwU.S.: all patents last 20 yearswJeff Bezos (founder of Amazon) once suggested software patents should last just 3 yearswGermany: full-term patents for major inventions, 3 year “petty patents” for
24、 minor ones, annual renewal feesPatent length伸牵轿爸乃须糯母报嫁解涧感弯搓怒妇叫搓蓄革讫鸭扑攫衔赊助卵叙徒洛经济法英文课件经济法英文课件17wCoase: without transaction costs, initial allocation of rights irrelevant for efficiencywBut transaction costs may be highwUncertainty on whether a patent is validwUncertainty of outcome of researchwMany pa
25、rtiesDo the details matter?脏欠尧岛何孪德滚占礁驻脑九必贮初攫舶叹锹萄汞杆蝎祸邮值腆顶游滓蓟经济法英文课件经济法英文课件18wCoase: without transaction costs, initial allocation of rights irrelevant for efficiencywBut transaction costs may be highwUncertainty on whether a patent is validwUncertainty of outcome of researchwMany partiesDo the detail
26、s matter?吭祷花杠烃盼新仅器讥齿寨床宗俩刊根娃接汛毯望史岔厅驭构歌赛东痴粉经济法英文课件经济法英文课件19wCoase: without transaction costs, initial allocation of rights irrelevant for efficiencywBut transaction costs may be highwUncertainty on whether a patent is validwUncertainty of outcome of researchwMany partiesDo the details matter?绕惑柔牵唱巾札皿床
27、胀毒赠妄绷句串倡胶植福旷之耘臆眉遵茹良美帝啥誓经济法英文课件经济法英文课件20wgovernment purchase of drug patentswprizeswGoogle $30 million prize for landing a rover on the moonwdirect government funding of researchw25% of research spending in U.S. is funded by governmentAlternatives to patents for encouraging innovation汽嚼烷损碘崔蝉疙半群晓阮遇莽慎垣
28、糕盒膛轰悔守话义叭遭涪磷叫吗痕复经济法英文课件经济法英文课件21patentscopyrightstrademarkstrade secrets微谅摄弛鹏装饯配遍倍岸硬横兜涨吝捞泄萄晨技道案菇宙行讫酚垂锄朋谁经济法英文课件经济法英文课件22wProperty rights over original expressionswwriting, music, other artistic creationswCreations like this tend to fit definition of public goodswnonrivalrouswnonexcludablewso private
29、 supply would lead to undersupplywSeveral possible solutionswgovernment subsidieswcharitable donationswlegal rights to creations copyrightsCopyright笔赃优毋节捷妮翔丸遇良借幸照当莫恶缮彻努潜怠埋户杰炼氦午串伊脸瓢经济法英文课件经济法英文课件23wCopyright law less rigid than patent lawwUnlike patent law, allows for certain exceptionswCopyrights la
30、st much longer than patentswCurrent U.S. law: copyright expires 70 years after creators deathwNo application processwCopyright law automatically applies to anything youve written/createdwCopyrights more narrow than patentswCover exact text, not general ideaCopyright捶棉傲送歌几毒贱跪剐突循呆鉴啦逝赛缘聚昌助跋萄庆仰粗枝李苛偏辩菠经济
31、法英文课件经济法英文课件24wRetelling of Gone With The Wind, from point of view of a slave on Scarletts plantation, published in 2001wMargaret Mitchells estate sued to halt publicationwEventually settled out of courtwWas there really any harm?Copyright天乱多巫栏僧鞘憋千款嘉猩囊滁礼淬墟骨乱拭矿沫化黔谦吉余味驻拜请墩经济法英文课件经济法英文课件25wRetelling of
32、 Gone With The Wind, from point of view of a slave on Scarletts plantation, published in 2001wMargaret Mitchells estate sued to halt publicationwEventually settled out of courtwWas there really any harm?Copyright调金港骏坤辽纵赌怔拷脾协注寥蘑县贴桌墟整透笋估菇榆誊荔碍闯也符牌经济法英文课件经济法英文课件26patentscopyrightstrademarkstrade secrets
33、厨沙括芹细齐宦镭家诚唱勒譬校产执饮筷优胯轿武嫩扭整行首正魔煽赫硼经济法英文课件经济法英文课件27TrademarkswReduce confusion over who made a productwAllow companies to build reputation for qualitywDont expire, unless abandonedwGeneric names cant be trademarked涣跃周迢悼顿解兵抨倡邓萍扒喉挺拈狰涟硕辰滚纠懒薯般贤律甜宪辉觉锭经济法英文课件经济法英文课件28Trademarks examplewWSJ article 9/17/2010:
34、 “Lars Johnson Has Goats On His Roof and a Stable of Lawyers To Prove It”wRestaurant in Sister Bay WI putgoats on roof to attract customersw“The restaurant is one of the top-grossing in Wisconsin, and Im sure the goats have helped.”wSuing restaurant in Georgiaw“Defendant has willfully continuedto of
35、fer food services from buildings with goats on the roof”http:/ dilution账郸宋纽献辆捶斤炎灸痊蝎媚廉携懦负咱寂于盘鹰泊俊足痴躲枕桑平迸痕经济法英文课件经济法英文课件30patentscopyrightstrademarkstrade secrets信势呼咕岁曳车亦翁悉唬枷关晶沼至徒模斯飘锰厢铺沃污硝船想潮多陌刊经济法英文课件经济法英文课件31wProtection against misappropriationwBut plaintiff must showwValid trade secretwAcquired illegallywReasonable steps taken to protect itTrade Secrets蜒藐甜滋暂祁黑澡鸯季庭观你招丑染驰谣贮姻山资汽磐骨唁穴篱惑骸韵溃经济法英文课件经济法英文课件32patentscopyrightstrademarkstrade secrets胺蛙万像涨耸茶痹短横宾隆俯惟甜碍喳晾个湍叁问奎逃唁咽逛撰午吝粹旦经济法英文课件经济法英文课件33
