Introduction

Since its creation more than 200 years ago, the patent system has played an important role in stimulating technological innovation by providing legal protection to inventions of every description and by disseminating useful technical information about them (Machlup & Penrose 1950, Scotchmer 2005). Driven by the growing importance of technology to a nation’s well-being over the last century, the role of patents in the economy becomes increasingly important. Ever-growing numbers of patent applications are a clear indication that firms of all sizes as well as universities and public institutions are ascribing greater value to patents and are willing to bear higher costs to acquire, exercise and defend them in court (National Research Council 2004).