U.S. Patent Examination Is More Effective than the Policy Debate Seems to Suggest
Public institutions, such as patent offices and grant-making bodies, play a crucial role in fostering innovation. Despite regular attention in the media and policy debates, there is limited academic research studying the effectiveness of these organisations. This research estimates a formal model of one such institution -- the U.S Patent Office. Contrary to much of the public discourse, estimates of the model---which are developed using modern AI methods---imply that examination is moderately effective. However, the Patent Office must apply the legal standards set by the courts. Further work is required to assess whether these standards themselves are optimal.
Read more:
link to paper
