Introduction .................................................... 1
Chapter 1 Economic Importance of Patents ...................... 11
1.1 Economic Characteristics .................................. 22
1.2 Value Constitution ........................................ 31
1.2.1 Patents as Resource Oriented Instruments ........... 34
1.2.2 Patents as Market Oriented Instruments ............. 37
1.2.3 Value Constitution of Patents from Economic
Effects ............................................ 40
1.3 Intellectual Capital ...................................... 43
1.4 Value Observation ......................................... 52
1.4.1 Direct Observation ................................. 53
1.4.2 Indirect Observation ............................... 63
Chapter 2 Basics of Patent Valuation .......................... 75
2.1 Value and Valuation ....................................... 79
2.1.1 Economic Value ..................................... 80
2.1.2 Objective Value .................................... 82
2.1.3 Subjective Value ................................... 85
2.1.4 Functional Value Theory and Objectified Value ...... 86
2.1.5 Value, Price and Costs ............................. 88
2.1.6 Valuation Functions and Valuation Purposes ......... 92
2.1.7 Valuation as Determination of Decision Values ...... 96
2.1.8 Value, Future, Risk and Rationality ................ 98
2.1.9 Objective Valuation ............................... 102
2.1.10 Valuation as a Comparison Process ................. 103
2.1.11 Summary: Value and Valuating ...................... 108
2.2 Valuation Subject Matter ................................. 111
2.2.1 Elements of the Valuation Subject Matter .......... 113
2.2.2 Economic Structure of the Valuation Subject
Matter ............................................ 137
2.2.3 Universal Model of the Valuation Subject Matter ... 169
2.3 Value Concepts ........................................... 178
2.3.1 Decision Values in Decision Scenarios ............. 186
2.3.2 Value in Use and Complementary Assets ............. 193
2.3.3 Transfer Value and Complementary Factors .......... 200
2.4 Access to the Value Determination ........................ 207
2.4.1 Comparison Approaches for Value Determination ..... 208
2.4.2 Direct Valuation Approaches ....................... 215
2.4.3 Patent Valuation by Indicator Models .............. 225
2.5 Principles of Proper Valuation ........................... 248
2.5.1 Deferral of the Valuation Subject Matter .......... 249
2.5.2 Future Relatedness of Valuation ................... 250
2.5.3 Key Date Principle ................................ 251
2.5.4 Decisiveness of the Valuation Purpose ............. 252
2.5.5 Decisiveness of the Valuation Scenario —
Validity of the Valuation ......................... 253
2.5.6 Comprehensibleness of Value Determination —
Objectivity and Reliability of Valuation .......... 254
2.5.7 Risk Consideration ................................ 255
2.5.8 Feasibility and Costs ............................. 256
Chapter 3 Valuation Proceeding ............................... 259
3.1 Analysis of the Valuation Situation ...................... 264
3.1.1 Valuation Cause ................................... 268
3.1.2 Valuation Purpose ................................. 292
3.1.3 Addressee of the Value Information ................ 301
3.1.4 Overview of the Analysis of the Valuation
Situation ......................................... 302
3.2 Structure of a Valuation Model ........................... 306
3.2.1 Determination of the Analysis Direction of the
Valuation Subject Matter .......................... 311
3.2.2 Modeling of the Decision and Choice of the Value
Concept ........................................... 321
3.2.3 Value Determination ............................... 338
3.2.4 Application of the Objectification Principles ..... 348
3.2.5 Provision of Information .......................... 358
3.3 Quality of Patent Valuation .............................. 363
3.4 Position and Service of the Valuator as Subject-
Specific Expert .......................................... 374
3.5 Preparation of the Valuation Report ...................... 381
3.5.1 General Requirements of Valuation Reports ......... 383
3.5.2 Typical Structure of a Valuation Opinion .......... 385
Chapter 4 Tools for Patent Valuation ......................... 387
4.1 Valuation Processes ...................................... 388
4.1.1 Cost Based Valuation Processes .................... 390
4.1.2 Market Based Valuation Processes .................. 399
4.1.3 Income-based Valuation Processes .................. 411
4.1.4 Supplementing Procedures and Complex Processes .... 427
4.2 Model Elements ........................................... 445
4.2.1 Patent Legal Factors of Influence ................. 446
4.2.2 License Modeling .................................. 469
4.2.3 Modeling Cash Rows ................................ 473
4.2.4 Risk Modeling ..................................... 477
Chapter 5 Case Study ......................................... 485
5.1 Facts of the Case ........................................ 485
5.2 Solution ................................................. 496
5.2.1 Accounting ........................................ 496
5.2.2 Value Oriented IP Management ...................... 501
5.2.3 Market Investigation .............................. 509
5.2.4 Arbitral Award .................................... 514
5.2.5 Project Transfer .................................. 520
Chapter 6 Appendix .......................................... 525
6.1.1 Time Value of Money ............................... 525
6.1.2 Calculation of the Capital Value in the
Investment Calculation ............................ 535
6.1.3 Calculation of Net Values ......................... 539
6.1.4 Calculation of Decision Models .................... 544
Glossary ...................................................... 555
Index ......................................................... 563
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