Fuzzy real option analysis in patent related decision making and patent valuation

The shift towards a knowledge-based economy has inevitably prompted the evolution of patent exploitation. Nowadays, patent is more than just a prevention tool for a company to block its competitors from developing rival technologies, but lies at the very heart of its strategy for value creation and is therefore strategically exploited for economic pro t and competitive advantage. Along with the evolution of patent exploitation, the demand for reliable and systematic patent valuation has also reached an unprecedented level. However, most of the quantitative approaches in use to assess patent could arguably fall into four categories and they are based solely on the conventional discounted cash flow analysis, whose usability and reliability in the context of patent valuation are greatly limited by five practical issues: the market illiquidity, the poor data availability, discriminatory cash-flow estimations, and its incapability to account for changing risk and managerial flexibility. This dissertation attempts to overcome these impeding barriers by rationalizing the use of two techniques, namely fuzzy set theory (aiming at the first three issues) and real option analysis (aiming at the last two). It commences with an investigation into the nature of the uncertainties inherent in patent cash flow estimation and claims that two levels of uncertainties must be properly accounted for. Further investigation reveals that both levels of uncertainties fall under the categorization of subjective uncertainty, which differs from objective uncertainty originating from inherent randomness in that uncertainties labelled as subjective are highly related to the behavioural aspects of decision making and are usually witnessed whenever human judgement, evaluation or reasoning is crucial to the system under consideration and there exists a lack of complete knowledge on its variables. Having clarified their nature, the application of fuzzy set theory in modelling patent-related uncertain quantities is effortlessly justified. The application of real option analysis to patent valuation is prompted by the fact that both patent application process and the subsequent patent exploitation (or commercialization) are subject to a wide range of decisions at multiple successive stages. In other words, both patent applicants and patentees are faced with a large variety of courses of action as to how their patent applications and granted patents can be managed. Since they have the right to run their projects actively, this flexibility has value and thus must be properly accounted for. Accordingly, an explicit identification of the types of managerial flexibility inherent in patent-related decision making problems and in patent valuation, and a discussion on how they could be interpreted in terms of real options are provided in this dissertation. Additionally, the use of the proposed techniques in practical applications is demonstrated by three fuzzy real option analysis based models. In particular, the pay-of method and the extended fuzzy Black-Scholes model are employed to investigate the profitability of a patent application project for a new process for the preparation of a gypsum-fibre composite and to justify the subsequent patent commercialization decision, respectively; a fuzzy binomial model is designed to reveal the economic potential of a patent licensing opportunity.

Virtuaalinen käyttöönottoympäristö automaatiojärjestelmälle

Valmistavan teollisuuden kiristyvät vaatimukset suunnittelusta markkinoille -ajassa (engl. time-to-market), laadussa, kustannustehokkuudessa ja turvallisuudessa luovat paineita uusien toimintatapojen etsimisessä. Usein laitteiston ohjausalgoritmeja ei ole mahdollista testata todellisen laitteiston kanssa, vaan ainoaksi ennakoivaksi vaihtoehdoksi jää todellisen laitteiston virtuaalinen mallintaminen. Eräs uusista toimintavoista on virtuaalinen käyttöönotto, jossa tuotantolinja tai laitteisto mallinnetaan ja sen käyttäytymistä simuloidaan ohjausalgoritmien parantamista ja todentamista varten. Tämän diplomityön tavoitteena oli toteuttaa virtuaalinen käyttöönottoympäristö, jolla laitteiston 3D-mallinnettua virtuaalista mallia voidaan ohjata reaaliajassa todellisen laitteiston ohjauslaitteistolla. Käyttöönottoympäristön toteuttamisen lopullisena tavoitteena on tutkia, millaisia hyötyjä sillä voidaan saavuttaa Outotec (Finland) Oy:n automaatiojärjestelmien suunnittelussa ja käyttöönotossa kiristyvien vaatimusten täyttämiseksi. Työssä toteutetulla käyttöönottoympäristöllä pystytään simuloimaan 3D-mallinnetun laitteiston osan toimintaa reaaliajassa. Todellisen laitteiston ominaisuuksista määritettyjä vaatimuksia ei kustannussyistä täytetty, sillä ennen sitä haluttiin varmistua valitun alustan ominaisuuksista, toimivuudesta ja soveltuvuudesta. Toteutuksen katsotaan kuitenkin täyttävän pehmeän reaaliaikaisuuden kriteerin noin 40 ms aikatasolla ja 80 ms reaktioajalla. Toteutettu virtuaalinen käyttöönottoympäristö osoittautui toimivaksi ja soveltuvaksi, sekä sen todettiin tuovan potentiaalisia hyötyjä Outotec (Finland) Oy:lle, esimerkiksi kosketusnäyttöjen visualisoinnin parannus, hybridikäyttöönottomahdollisuus sekä automaatio-ohjauksien kehittäminen. Työn perusteella arvioidaan onko Outotec:lla tarvetta jatkaa valitulla alustalla todellisen laitteiston aikavaatimukset täyttävään reaaliaika-toteutukseen, jota työssä esitellään.

Lisenssien hinnoittelupäätösten tärkeys ohjelmistoliiketoiminnassa

Tavoite on selvittää hinnoittelupäätöksien noudattamista ohjelmistoliiketoimintaa harjoittavassa yrityksessä. Lisäksi syitä noudattamiseen ja noudattamatta jättämiseen sekä asiakkaiden hinnoittelutoiveisiin selvitettiin. Teoriassa esitellään kolmea hinnoittelumallia, kuinka näitä malleja käytetään käytännössä? Teoriaosuudessa käsitellään hintaa, hinnoittelua, hinnoittelumalleja ja ohjelmistoliiketoiminnan piirteitä. Empiirisessä osassa tehdään laadullista tutkimusta henkilökohtaisilla puolistrukturoiduilla haastatteluilla, joista kerätään tarjousten kanssa tutkimuksen aineisto. Tutkimusmateriaalin pohjalta vastataan tutkimuskysymyksiin. Vaikka käytännöt olisivat valideja, mutta mikäli hintoja ei nähdä järkevinä, käytännöistä on joustettava. Kohdetuotteilla pitäisi myös olla yhtäläiset hinnoittelumallit. Pääsyyksi käytännöistä joustamiseen nähtiin kohdeasiakkaan olevan avainasiakas tai kilpailijan tarjouksen voittaminen.

The implications of being an international medical graduate (IMG) in Canadian society : a qualitative study of foreign-trained physicians' resettlement, sense of identity and health status

This qualitative research study used grounded theory methodology to explore the settlement experiences and changes in professional identity, self esteem and health status of foreign-trained physicians (FTPs) who resettled in Canada and were not able to practice their profession. Seventeen foreign-trained physicians completed a pre-survey and rated their health status, quality of life, self esteem and stress before and after coming to Canada. They also rated changes in their experiences of violence and trauma, inclusion and belonging, and racism and discrimination. Eight FTPs from the survey sample were interviewed in semi-structured qualitative interviews to explore their experiences with the loss of their professional medical identities and attempts to regain them during resettlement. This study found that without their medical license and identity, this group of FTPs could not fully restore their professional, social, and economic status and this affected their self esteem and health status. The core theme of the loss of professional identity and attempts to regain it while being underemployed were connected with the multifaceted challenges of resettlement which created experiences of lowered selfesteem, and increased stress, anxiety and depression. They identified the re-licensing process (cost, time, energy, few residency positions, and low success rate) as the major barrier to a full and successful settlement and re-establishment of their identities. Grounded research was used to develop General Resettlement Process Model and a Physician Re-licensing Model outlining the tasks and steps for the successfiil general resettlement of all newcomers to Canada with additional process steps to be accomplished by foreign-trained physicians. Maslow's Theory of Needs was expanded to include the re-establishment of professional identity for this group to re-establish levels of safety, security, belonging, self-esteem and self-actualization. Foreign-trained physicians had established prior professional medical identities, self-esteem, recognition, social status, purpose and meaning and bring needed human capital and skills to Canada. However, without identifying and addressing the barriers to their full inclusion in Canadian society, the health of this population may deteriorate and the health system of the host country may miss out on their needed contributions.

Multinational drug corporations, intellectual property rights and the Canadian state : a historical and critical analysis

This study critically analyzes the historical role and influence of multinational drug cotpOrations and multinational corporations in general; the u.s. government and the Canadian state in negotiating the global recognition ofIntellectual Property Rights (IPR) under GATT/NAFTA. This process began in 1969 when the Liberal government, in response to high prices for brand-name drugs amended the Patent Act to introduce compulsory licensing by reducing monopoly protection from 20 to seven years. Although the financial position ofthe multinational drug industry was not affected, it campaigned vigorously to change the 1969 legislation. In 1987, the Patent Act was amended to extend protection to 10 years as a condition for free trade talks with the u.s. Nonetheless, the drug industry was not satisfied and accused Canada of providing a bad example to other nations. Therefore, it continued to campaign for global recognition ofIPR laws under GATT. Following the conclusion of the GATTI Trade-Related aspects of Intellectual Property Rights agreement (TRIPS) in 1991, the multinational drug industry and the American government, to the surprise of many, were still not satisfied and sought to implement harsher conditions under NAFTA. The Progressive Conservative government readily agreed without any objections or consideration for the social consequences. As a result, Bill C-91 was introduced. It abandoned compulsory licenses and was made retroactive from December 21, 1991. It is the contention of this thesis that the economic survival of multinational corporations on a global scale depends on the role and functions of the modem state. Similarly, the existence of the state depends on the ideological-political and socioeconomic assistance it gives to multinational corporations on a national and international scale. This dialectical relation of the state and multinational corporations is explored in our theoretical and historical analysis of their role in public policy.

Foreign trained teachers : the emergence of the right to practise their profession in Ontario

The purpose of this thesis is to examine the impact of 2 recent legal events, specifically the Fair Access to Regulated Professions Act (2006) and Siadat v. Ontario College of Teachers (2007) decision, with regards to the opportunity of foreign trained teachers to practice their profession in Ontario. The emphasis is on the case of Fatima Siadat, who was a teacher in Iran but was unable to satisfy all the licensing requirements of the Ontario College of Teachers and consequently was unable to practise her profession in Ontario. When the Ontario College of Teachers Appeals Committee upheld the previous decision of the Ontario College of Teachers Registrar to refuse to issue her a teacher's certificate, Ms. Fatima Siadat decided to initiate a lawsuit. Ms. Fatima Siadat challenged the decision ofthe Ontario College of Teachers Appeals Committee by raising a question of applicability of human rights legislation (i.e., The Ontario Human Rights Code, 1990) on the Ontario College of Teachers' decisions. The Ontario Superior Court of Justice decided in January of2007 in favour of Ms. Fatima Siadat (Siadat v. Ontario College of Teachers , 2007) and ordered that her licensing application be reconsidered by the Ontario College of Teachers Appeals Committee. In this thesis the author argues that the Fatima Siadat decision, together with the Fair Access to Regulated Professions Act, 2006, will likely make a significant contribution to enhancing the access of foreign trained teachers and other professionals to practice their regulated professions in Ontario.

2003 AUCC Agreement

Scanned PDF of original document

Crowland Municipality : an act for regulating and governing auctioneers, and other persons putting up for sale, goods, wares, and merchandise to the highest or best bidder., 1854

On February 1st, 1854 an act was passed in order to regulate the sale of goods, wares and merchandise. Section I pertained to the fact that any merchant would first obtain a license. Section II deemed that no merchant should sell any wine or spirituous liquors, beer or ale within the municipality of Crowland in any less quantity than 5 gallons or less than 12 bottles in any place other than a House of Public Entertainment without having obtained a license. Section III was in regard to licensing any person who would use a billiard table which was set up for hire or gain. Section IV stated that all sums of money paid by the keepers of Houses of Public Entertainment plus the imperial duty of 2 pound would be payable to the Treasurer of the Municipality of Crowland. Section V was written regarding the continuance of the act to regulate inns, taverns, temperance houses and other Houses of Public Entertainment. Section VI specified that all recesses (not authorized to sell liquor) would pay the sum of 2 pounds. Section VII declared that Peter Benedict was appointed Revenue Inspector of the township and section VIII stated that recess-keepers who took out liquor licenses would be required to pay 6 pounds 5 shillings and for violating this they would pay a penalty. This document was written by Leonard M. Matthews, Township reeve and Alex Reid, clerk.

Copyright in the Stacks: The Chilling Effects of Unclear Copyright Interpretations in the Canadian Academic Library

Presented at the Annual Conference of the Canadian Political Science Association, Brock University, St. Catharines, Ontario, May 27, 2014

Act for Laying a Duty on the Retailers of Spirits and Liquors

An act to charge duty to retailers of liquor and for licensing retailers of liquor. The document beings "At the Parliament begun and holden at Westminster, the Fourteenth Day of January, Anno Dom. 1734 in the Eighth Year of the Reign of our Sovereign Lord George the Second, by the Grace of God, of Great Britain, France, and Ireland, Kind, Defender of the Faith, And from thence continued by federal Prorogation to the Fifteenth Day of January, 1735. being the Second Session of this present Parliament."

Association of Professional Engineers of Ontario records, 1948-1989

The Act to establish the Association of Professional Engineers of Ontario (APEO) was passed on June 14, 1922. The creation of the APEO was part of a larger movement in Canada to license the engineering profession. At first, membership in the APEO was not mandatory in order to work as an engineer, but this changed in 1937 when the Professional Engineers Act was amended so that licensing by the APEO was required. In 1945, the initials “P. Eng.” were adopted by the APEO as the official abbreviation of the professional engineer. Many other amendments have been made over the years in order to strengthen the APEO’s ability to regulate the profession. Members of the APEO must also abide by a Code of Ethics, which emphasizes the regard for public welfare as paramount. There are currently 36 chapters of the APEO. In 1993, the APEO’s name was changed to Professional Engineers of Ontario, in part to emphasize the group’s role as a licensing body for engineers as opposed to an association of member engineers.

Patent pools and competition law : an examination of the enforcement strategies of competition authorities

"Mémoire présenté à la Faculté des études supérieures en vue de l'obtention du grade de maîtrise en droit, option recherche"

Accès aux médicaments : comment expliquer et améliorer la situation au Brésil

Le Brésil figure parmi les plus grands marchés consommateurs de médicaments. Cependant, le droit à l'accès aux médicaments, prévu dans sa Constitution Fédérale, ne fait pas partie de sa réalité. Cette situation est attribuable à plusieurs facteurs: le Brésil n'est pas capable de répondre à ses besoins internes et la consommation de médicaments n'est pas équilibrée. En réaction à cette constatation, nous analyserons la situation juridique actuelle du Brésil, afin d'indiquer les lacunes et barrières au plein accès aux médicaments et, surtout, de trouver une solution qui pourrait améliorer cette situation. Les organismes gouvernementaux brésiliens jouant un rôle important dans le développement des nouveaux médicaments sont présentés et, ensuite, l'encadrement juridique applicable à la recherche clinique et à l'autorisation de mise en marché des nouveaux médicaments est analysé; un bref survol de la législation applicable aux médicaments génériques est fait. Dans un deuxième moment de l'étude, la question d'accès aux nouveaux médicaments est mise en lumière: la législation brésilienne relative aux brevets, ainsi que le régime de licence obligatoire sont abordés; de plus, nous évaluons la compatibilité de ce régime avec l'Accord sur les ADPIC et nous évoquons les conflits internationaux qu'il a suscités. En vue de trouver des solutions aux difficultés brésiliennes identifiées, nous concluons notre étude avec l'examen de l'initiative canadienne pour favoriser l'accès aux médicaments aux pays du Sud (RCAN). Nous constatons que l'utilisation du RCAM pourrait, à court terme, favoriser l'accès aux médicaments au Brésil et, à moyen terme, aider à réduire les conflits internationaux. Finalement, à long terme, nous croyons que le Brésil pourrait jouer un rôle de leader international en adoptant une loi semblable à celle du Canada et, ainsi, il serait capable d'aider d'autres pays dans le besoin, qui n'ont aucune capacité de production locale, comme par exemple, plusieurs pays en Afrique.

Essais sur les logiciels libres : licences doubles, effets de réseau, et concurrence

This thesis examines the microeconomic consequences of the arrival of open source in the software market. Specifically, it analyzes three features of open source software by using specific models of industrial organization. Open source software is free, and may be modified or duplicated by anyone. The first paper studies the entry of an open source software in a closed source software market. Using a model of horizontal differentiation, the analysis considers a closed source firm's investment in the quality of its software. The introduction of open source on the market reduces the firm's investment in quality and increases the price of its software. Moreover, the entry of open source software may reduce consumer welfare. Post-entry by an open source software, the reduction in market share lowers the firm's incentive to invest in quality. The second paper features vertical differentiation to study a monopolist selling supporting product to its software. The study begins by contrasting the supply of support by an open source provider and a closed source vendor. The model shows that in both cases the levels of support offered are the same. In addition, consumer welfare is higher and profit lower under an open source software. Then, the paper considers the competition in the provision of support. Here, the supply of high level support is greater than under a monopolist. Finally, the monopolist adopts a dual licensing strategy to extract more surplus from developers interested in modifying open source software and redistributing the resulting product. This technique, when the developers place high value on the source code, generates more profit if the monopolist chooses to publish as open source rather than closed source. The last paper studies how a closed source firm is affected by the introduction of an open source benefiting from contributions by users. A vertical differentiation model is used, and reveals that, when contribution of users is present, the closed source vendor may lower its price to a level where it forces the open source out of the market. The firm's lower price not only increases demand for its software, but also induces consumers into switching from open to closed source software therefore reducing the contribution of users.

Conflict of Interest in University Technology Transfer

Étude de cas / Case study