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Questionable Science Will Misguide Patent Policy -- The $83 Billion per Year Fallacy

This paper reveals fundamental flaws in the event studies method used by Bessen et al. in their empirical assessment of patent litigation costs. Examples of litigation involving Non Practicing Entities are presented to show that by only accounting for stock price declines upon announcement of the commencement of litigation, and ignoring any stock price corrections upon resolution of litigation, the authors produce implausibly high estimates for patent litigation cost to shareholders.