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(Faculty Seminar)
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@่@F@Using
Patents for Promotion
In fact, we frequently
observe that many firms use their patents for promotion in a variety of
industries, including foods, cosmetics, and electric devices. This paper focuses
on the potential value of an informational function of patents, and investigates
in what situation a firm benefits from using a patent for promotion. In addition,
we discuss a relationship between patents and trademarks from the viewpoint of
information rev- elation. We make two major findings. First, if consumers believe
that a firmfs ability is low but the firmfs ability is actually high, then the
value of the patent for promotion goes up as consumersf belief strengthens. In
other words, the informational function of a patent becomes valuable with the
high likelihood of the high ability firm, if the firm has little reputation
created from a trade- mark. On the other hand, if consumers believe that a firmfs
ability is high and the firmfs ability is actually high, then the value of the
promotional patent shrinks as consumersf belief strengthens. In other words, the
informational function of a patent becomes redundant with the high likelihood of
a high-ability firm, if the firm has already an excellent reputation. Second, a
low-ability firm incurs a loss because the firm is more likely to fail in R&D, and
this loss expands as consumersf belief strengthens.