Changes

:*Another Serrano paper cited in above Lamoreaux et al, quote from Lamaoreaux:

::*"Using data on renewals, Serrano calculated that patents that were sold were on average about three times more valuable than those that were not" (Lamoreaux 35)

::*"In our analysis, the value at age one of a traded patent ($159, 466) is about three times the value at age one of a non-traded patent ($50, 507) (all values are in 2003 US dollars), and about 23% of the patents are traded at least once over their life cycle. The value at age one of a patent was estimated at ($74, 684)." (2011 Serrano Page 4)

::*"We find that about 50% percent of the patents had gains from trade below $3 416, and these patents accounted for only 37 percent of the total value of the gains from trade. At the same time, the top 10% of the patents with the highest gains from trade (gains from trade higher or equal than $30 970 per patent) accounted for about 70 percent of the total value of the gains from trade. Furthermore, we demonstrate that the top one percent of the patents represented about 25% of the total gains from trade." (2011 Serrano Page 5)