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Science Quality and the Value of Inventions

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Document pages: 43 pages

Abstract: Despite decades of research, the relationship between the quality of scienceand the value of inventions has remained unclear. We present the result of alarge-scale matching exercise between 4.8 million patent families and 43million publication records. We find a strong positive relationship betweenquality of scientific contributions referenced in patents and the value of therespective inventions. We rank patents by the quality of the science they arelinked to. Strikingly, high-rank patents are twice as valuable as low-rankpatents, which in turn are about as valuable as patents without direct sciencelink. We show this core result for various science quality and patent valuemeasures. The effect of science quality on patent value remains relevant evenwhen science is linked indirectly through other patents. Our findings implythat what is considered "excellent " within the science sector also leads tooutstanding outcomes in the technological or commercial realm.

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