Abstract
The value and role of intellectual property (IP) rights pertaining to plant innovations and their economic consequences on plant values is largely unknown. A hedonic pricing model was adapted to the characteristics of the U.S. wholesale ornamental plant market, specifically the bedding, garden plant and nursery plant markets, to analyze two forms of IP rights used on plants (i.e., plant patents and trademarks). By controlling plant-specific attributes and a variety of market variables that might affect plant values, our empirical analysis reveals sizable price premiums for plant patents that may have been masked in other studies. As expected, plant patent premiums vary considerably between species where the costs of producing and marketing new cultivars differ greatly. Surprisingly, we find that the use of trademarks have a negative effect on plant prices.
Original language | English (US) |
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Pages (from-to) | 879-887 |
Number of pages | 9 |
Journal | HortScience |
Volume | 50 |
Issue number | 6 |
DOIs | |
State | Published - Jun 1 2015 |
Bibliographical note
Publisher Copyright:© 2015, American Society for Horticultural Science. All Right reserved.
Keywords
- Intellectual property
- Marketing
- Ornamental plants