(精选)经济法英文课件课件.pptVIP

Econ 522Economics of Law; Established properties of an efficient property law system Private goods are privately owned, public goods are not Owners have maximum liberty over how they use their property Injunctive relief used when transaction costs are low,damages used when transaction costs high We tried “testing Coase” through an experiment Can UW undergrads reallocate poker chips efficiently? (Cost me $124);Take 1: Full Information (values on nametags);Take 2: Private Information (values hidden);Take 3: Uncertainty Take 4: Adverse Selection;Applications ofProperty Law; Intellectual property: broad term for ways that an individual, or a firm, can claim ownership of information Patents – cover products, commercial processes Copyrights – written ideas (books, music, computer programs) Trademarks – brand names, logos Trade Secrets; Example: new drug Requires investment of $1,000 to discover Monopoly profits would be $2,500 Once drug has been discovered, another firm could also begin to sell it Duopoly profits would be $450 each;Solve the game by backward induction: Subgame perfect equilibrium: firm 2 plays Imitate, firm 1 playsDon’t Innovate, drug is never discovered (Both firms earn 0 profits, consumers don’t get the drug);Patent: legal monopoly Other firms prohibited from imitating Firm 1’s discovery Subgame perfect equilibrium: firm 2 does not imitate; firm 1 innovates, drug gets developed;Comparing the two outcomes;Without patents, inefficient outcome: drug not developed With patents, different inefficiency: monopoly! Once the drug has been found, the original incentive problem is solved, but the new inefficiency remains…; First U.S. patent law passed in 1790 Patents currently last 20 years from date of application For a patent application to be approved, invention must be: novel (new) non-obvious have practical utility (basically, be commercializable) Patentholder whose patent has been infringed can sue for both damages and an injunction against future vio