Experimental Tests of Creativity and Innovation in Intellectual Property
Christopher Buccafusco, IIT Chicago-Kent
The fundamental features of intellectual property law – the value of incentives, the nature of rights, and the efficiency of markets – are based on a series of assumptions about the way humans think, reason, and decide. These assumptions are derived from neoclassical economic theory which presupposes that individuals are rational maximizers of their own wealth. For the most part, however, these assumptions have not been subjected to empirical or experimental scrutiny. Professor Buccafusco will report on a series of experiments that aim to do just that. His presentation will discuss his experimental research on: 1) how creators assign economic value to their works; 2) how creators value attribution and publication opportunities; 3) the efficiency of investment in IP markets; and 4) the effects of different incentive regimes on IP innovation and creativity.