Footnote

This discussion is largely motivated by a discussion by Jack Hirschliefer: Hirshliefer, Jack (1971), "The Private and Social Value of Information and the Reward of Inventive Activity ," American Economic Review v. 61, no. 4 (Sept.) pp. 561-574. Note also Loury, G C (1979), " Market Structure and Innovation ," Quarterly Journal of Economics v. 93, pp. 395-410, Dasgupta, P. and J. E. Stiglitz (1980), " Industrial Structure and the Nature of Innovative Activity ," Economic Journal v. 90, pp. 266-293, DasGupta, P (1988), "Patents, Priority and Imitation: the Economics of Races and Waiting Games ," Economic Journal v. 98, no. 393 (Mar) pp. 66-80. For a survey of issues related to intellectual property including the horse race conception, see Besen, S. M. and Raskind, L. J. (1991), "An Introduction to the Law and Economics of Intellectual Property ," Journal of Economic Perspectives v. 5, pp. 3-27.