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Composite value index of patent indicators: Factor analysis combining bibliographic and survey datasets

Paper ID Volume ID Publish Year Pages File Format Full-Text
37893 45639 2014 8 PDF Available
Title
Composite value index of patent indicators: Factor analysis combining bibliographic and survey datasets
Abstract

•Patent value composite index using a selection of standard indicators is proposed.•Patent breadth, invention background, and procedural aspects are analyzed.•Selection and validation methodology of patent indicators improved.•Factor analysis advanced for computation of the composite value index.•Post-grant data is used for robustness analysis.

The article relates to a patent value composite index that combines twenty different patent indicators according to several dimensions: patent breadth and technology potential, prior art and background of the invention, and filing and procedural aspects of a patent. A novel selection approach of patent indicators and their validation with market value of patents is advanced, whereas the computation of the composite value index is based on the factor analysis methodology firstly proposed in the literature by Lanjouw and Schankerman (2004).This study reports several new findings. Firstly, three common factors are obtained in correspondence to the respective three dimensions of the patent indicators. Secondly, the proposed composite value index can effectively summarize the information conveyed by every single indicator, because the reduction of the goodness-of-fit of the market value model is very limited as compared to the case of the indicators taken separately. Thirdly, a robustness analysis of the composite value index was conducted, relying on post-grant information, such as opposition and renewal decisions, and the results are consistent with the market value model with the composite value index solely considered. More generally, these findings contribute to the research agenda on proposing novel timely indicators of innovation activities.

Keywords
Patent indicators; Patent market value; Composite value index; Renewals; Opposition
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Composite value index of patent indicators: Factor analysis combining bibliographic and survey datasets
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Publisher
Database: Elsevier - ScienceDirect
Journal: World Patent Information - Volume 38, September 2014, Pages 19–26
Authors
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Subjects
Physical Sciences and Engineering Chemical Engineering Bioengineering
Get Full-Text Now
Don't Miss Today's Special Offer
Price was $35.95
You save - $31
Price after discount Only $4.95
100% Money Back Guarantee
Full-text PDF Download
Online Support
Any Questions? feel free to contact us