[Topic] Non-obviousness and Screening
This paper offers a novel justification for positive non-obviousness requirement. An innovation consists of two steps: research and development. Research results in a blueprint of new technology while development makes it profitable. Only patented technology will be developed. One innovator who can be either efficient or inefficient must attract the financial support of venture capitalists for further development.
We show that, under some plausible assumptions, strengthening the non-obviousness requirement alleviates ex ante adverse selection by discouraging inefficient type, but exacerbates ex post free-riding effect; while the socially optimal non-obviousness requirement should large enough to achieve full screening, i.e., the inefficient type should be totally excluded from the market. We also discuss how the research and development costs affect the optimal policy.
[Lecturer] Tong Wang (Florence School of Regulation)
[Time] 12:00 a.m., April 18th.
[Venue] Room 1212(5th room), Ming De Main Building.
We sincerely invite you to attend. Please send an e-mail to hanqing.seminar@gmail.com to inform us about your participation. Phone calls are welcome as well. Work meals will be booked for teachers. (Contact: Li Hongmei 62511138)
[Brief Introduction of the lecturer]
Tong Wang has wide research interests, mainly including patentability requirement, peer-to-peer network and file sharing service, net neutrality regulation and telecommunication market. Tong studied Economics in Toulouse School of Economics and he was supervised and worked with Professor Patrick Rey. He defended his PhD in the same institution on the topic of "Essays on Innovation" in July 2011. Tong is quite active in his research fields and has presented his researches at numerous international conferences. Tong joined the Florence School of Regulation in September 2011.
Tong holds a Ph.D. and Masters in Economics from the Toulouse School of Economics. He also holds a Masters degree in Management from Guanghua School of Management in Peking University, and two Bachelors degrees from University of Science and Technology of China, in Material Science and Management respectively.
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