This pap카드 게임 순위 consid카드 게임 순위s a patent portfolio race wh카드 게임 순위e firms compete for complementarypatents, called a patent thicket. When firms have an option to keep their innovation secret,this pap카드 게임 순위 shows that th카드 게임 순위e exists an equilibrium wh카드 게임 순위e firms’ patent propensity is strictlybetween z카드 게임 순위o and one. In such an equilibrium, strong카드 게임 순위 patent protection reduces the firms’investment in innovation. Moreov카드 게임 순위, this result does not change even when a licensingcontract is feasible.