FE486A: LAW AND ECONOMICS Spring 2015 Professor Schmitt

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FE486A: LAW AND ECONOMICS
Spring 2015
Professor Schmitt
Writing Homework 4 – due 28 January
This assignment should be approximately 1 typed page in length. After reading chapter 5
the article “Ten Famous Intellectual Property Disputes” by Megan Gambino,
smithsonian.com 21 June 2011 found on my website
(http://www.usna.edu/Users/econ/pschmitt/FE486A/S2015/readings.htm ), please write a
commentary that addresses each of the following:
1) How are intellectual property rights similar or different from property rights we
have discussed thus far?
2) What is the purpose of a patent? That is, what problem is it trying to correct?
Provide an example from the article.
3) What is the purpose of a copyright? How does lenght and breadth factor into the
examples from the article. How does a “fair-use” policy for copyrights lower
transaction costs?
4) What is the purpose of a trademark? How can it create social value?
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