Intellectual Property and Transactional Choice: Rethinking the IP/Antitrust Dichotomy

It is common to characterize patents as monopolies.  This assumption, which underlies the standard dichotomy between intellectual property and antitrust law, is challenged by evidence that large companies in technology markets (outside biopharmaceuticals) tend to advocate for weaker patent protection or, in some cases, no patent protection at all.  This revealed preference for weaker patent protection reflects the fact that large integrated firms can often capture returns on innovation