| dc.description.abstract | In the past, the transaction of patent is mostly proceed privately between the patent owner and the patent purchaser; hence the trading mechanism was somehow imperfect. However, a new way of patent sales has risen recent years, which is called live patent auction. In this research we try to use the Heckman sample selection model to discover the influence on patent characteristic variable and auction variable to reliability (selling price/ expected value) and probability of sale in live patent auctions. The auction data are from seven Live IP Auction of Ocean Tomo, LLC, and the patent information is from Delphion Patent Search Forms.
The research has showed that in the patent characteristic variable, such as forward citation, patent scope and patent age; share the same idea with the early literature of patent value. In addition, if the patent was developed by multiple inventors, it has higher reliability and probability of sale. Moreover, the increase of independent claim will rise the reliability and probability of sale, however, it doesn’t show a lot of effect on dependent claim, and it may even decrease the probability of sale. Furthermore, the patent family with patent of EPO has higher reliability, while the patent of Japan has the lower reliability. Finally, the research has concluded a different idea from the past literature, which shows the backward citation, will decrease the reliability. As to the auction variable, while there are more numbers of patents in the lot, the reliability and the probability of sale is getting lower. And when the lot has successfully sold, it will rise the probability of sale of the next lot significantly.
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