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Evaluating the Economic Performance of Property Systems
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James Bessen
Published/Copyright:
December 31, 2009
Abstract
How should the economic performance of property systems be evaluated? Benefit-cost analysis is widely used to evaluate non-market based regulation when prices are not available. Market prices provide better information for property systems, but market prices are not necessarily socially optimal when property rights are imperfect. This paper discusses two practical approaches to evaluating the performance of property systems, one based on an analysis of institutional performance, the other based on measuring incentives. As an illustration, I show how these approaches might be used to evaluate the US patent system.
Published Online: 2009-12-31
©2011 Walter de Gruyter GmbH & Co. KG, Berlin/Boston
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Articles in the same Issue
- Article
- Introduction: The Kauffman Foundation Conference on Intellectual Property and Innovation
- Does Intellectual Monopoly Help Innovation?
- A Cautious Defense of Intellectual Oligopoly With Fringe Competition
- Evaluating the Economic Performance of Property Systems
- Copyright Abolition and Attribution
- A Rhetorical Response to Boldrin & Levine: Against Intellectual (Property) Extremism
- Watt, Again? Boldrin and Levine Still Exaggerate the Adverse Effect of Patents on the Progress of Steam Power
- Responding to the Challenges of "Against Intellectual Monopoly"
- A Recommendation on How to Intelligently Approach Emerging Problems in Intellectual Property Systems
