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Kitch's Prospect Theory of Patent There are two reasons to give a prospector rights to what he finds One is to reward him,give him an incentive to find it The other is to create a property right that can be used to better develop what he finds Edmund Kitch argued that the same applied to patents An invention requires further development,other inventions The patent holder has the incentive and ability to coordinate that process Just as homesteading turns public land into private property Making it possible to invest in improving it ·Coordinate uses of it Patents viewed as homesteading idea space Kitch’s Prospect Theory of Patent • There are two reasons to give a prospector rights to what he finds • One is to reward him, give him an incentive to find it • The other is to create a property right that can be used to better develop what he finds • Edmund Kitch argued that the same applied to patents • An invention requires further development, other inventions • The patent holder has the incentive and ability to coordinate that process • Just as homesteading turns public land into private property • Making it possible to invest in improving it • Coordinate uses of it • Patents viewed as homesteading idea space
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