Question
Question 3 (a) In the context of the optimal patent model, explain in words how the government should set the optimal length of the patent.
Question 3
(a) In the context of the optimal patent model, explain in words how the government should set the optimal length of the patent. [4 marks]
(b) Explain two reasons why it may be optimal to increase patent length as technology continues to improve. [2 marks]
(c) Explain in words how winner-takes-all competition may lead society to select an inferior technology. [4 marks]
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Introduction to Behavioral Economics
Authors: David R. Just
1st edition
0470596228, 978-0470596227
