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date: 03 August 2020

Abstract and Keywords

This article focuses on the peculiarities of technology markets and on the firms’ incentives to participate in these markets. It illustrates the differences in the size and importance of the market for technology across different countries, industries, and firms, and reports the available evidence on some forms of technology transactions like patent licensing, cross-licensing, and sale. The central focus is on the firms’ strategies in technology markets, and particularly on the reasons why established companies and small and new firms license their technology to others, sometimes even to potential or actual rivals. This article underlines that markets for technology are becoming larger and more diffused, although their future growth depends on the existence of several barriers to technology trade and on a more substantial involvement of large firms.

Keywords: Technology markets, patents, licensing, cross-licensing, patent sale, large firms, small firms, barriers to trade

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