Business Method Patents and U.S. Financial Services.
A decade after the State Street decision, more than 1,000 business method patents are granted each year. Yet, only 1 in 10 is obtained by a financial institution. Most business method patents are also software patents. Have these patents increased innovation in financial services? To address this qu...
| Publicado en: | Contemporary Economic Policy Vol. 28; no. 3; pp. 322 - 353 |
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| Formato: | Artículo |
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Wiley-Blackwell
July 2010
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| Acceso en línea: | Ver este registro en EBSCOhost |
| fields | @attributes: recordID: 1 pdfLink: plink: https://search.ebscohost.com/login.aspx?direct=true&db=ssf&AN=511519583&site=ehost-live header: @attributes: shortDbName: ssf uiTerm: 511519583 longDbName: Social Sciences Full Text (H.W. Wilson) uiTag: AN controlInfo: bkinfo: jinfo: jid: 10743529 CEY jtl: Contemporary Economic Policy issn: 10743529 maglogo: N pubinfo: dt: July 2010 vid: 28 iid: 3 pid: 480 pub: Wiley-Blackwell artinfo: ui: 511519583 10.1111/j.1465-7287.2009.00169.x ppf: 322 ppct: 31 formats: fmt: – @attributes: type: T – @attributes: type: C – @attributes: type: P size: 25.8MB tig: atl: Business Method Patents and U.S. Financial Services. aug: au: Hunt, Robert M. su: Business Patents Financial services industry United States sug: subj: United States Business Patents Financial services industry ab: A decade after the State Street decision, more than 1,000 business method patents are granted each year. Yet, only 1 in 10 is obtained by a financial institution. Most business method patents are also software patents. Have these patents increased innovation in financial services? To address this question, we construct new indicators of research and development intensity based on the occupational composition of financial industries. The financial sector appears more research intensive than official statistics would suggest but less than the private economy taken as a whole. There is considerable variation across industries but little apparent trend. There does not appear to be an obvious effect from business method patents on the sector's research intensity. Looking ahead, three factors suggest that the patent system may affect financial services as it has electronics: (1) the sector's heavy reliance on information technology, (2) the importance of standard setting, and (3) the strong network effects exhibited in many areas of finance. Even today litigation is not uncommon; we sketch a number of significant examples affecting financial exchanges and consumer payments. The legal environment is changing quickly. We review a number of important federal court decisions that will affect how business method patents are obtained and enforced. We also review a number of proposals under consideration in the U.S. Congress. (JEL 031, 034, G20). pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: N holdings: @attributes: islocal: N |
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