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?