Valuing Intellectual Property: an Experiment
نویسندگان
چکیده
I. THE BEHAVIORAL ECONOMICS OF INTELLECTUAL PROPERTY LAW . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 R A. Classical Economics and Intellectual Property . . . . . . . 5 R B. Behavioral Challenges to the Rational Choice Model: The Endowment Effect . . . . . . . . . . . . . . . . . . . . . 6 R 1. The Strength of the Endowment Effect . . . . . . . . . . . . . . . 9 R 2. Psychological Mechanisms Behind the Endowment Effect . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 R C. The Endowment Effect in Legal Scholarship . . . . . . . . 13 R D. Our Hypothesis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 R II. MODELING AN IP MARKET . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 R A. The Contest: “Eyes Closed” . . . . . . . . . . . . . . . . . . . . . . . . . 19 R 1. Contest “Eyes Closed” Method . . . . . . . . . . . . . . . . . . . . . . 19 R 2. Contest “Eyes Closed” Results . . . . . . . . . . . . . . . . . . . . . . 20 R B. The Contest: “Eyes Open” . . . . . . . . . . . . . . . . . . . . . . . . . . 21 R C. The Lottery: “Blind” . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 R 1. Lottery Method . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 R 2. Lottery Results . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 R III. UNDERSTANDING CREATORS’ BEHAVIOR: INTERPRETING OUR RESULTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 R IV. IMPLICATIONS FOR INTELLECTUAL PROPERTY LAW AND POLICY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31 R A. Do the Endowment Effects We Observe Lead to Inefficiency? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31 R B. The Debate Between Property Rules and Liability Rules . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33 R
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