I Am Excited About Our Invention But I Am Not Sure If The Patent Office Will Approve It Or Whether To Wait The 22 Months 1 (44.19 KiB) Viewed 37 times
I Am Excited About Our Invention But I Am Not Sure If The Patent Office Will Approve It Or Whether To Wait The 22 Months 2 (45.66 KiB) Viewed 37 times
I am excited about our invention but I am not sure if the patent office will approve it or whether to wait the 22 months until approval before developing our product. Concerned about our possible patent, the competitor just offered to buy our invention now. Postponing product development for 22 months can give our competitor time to react. I put together the following payoff table assuming there is a 50% chance to get our patent approved. Patent Approved Patent Denied 0.5 2.5 Sell Invention Now Develop Product Now! 8 Wait and Sell Patent 5 Wait and Develop Product 6 What should we do based on Maximax? Wait and Sell Patent Sell Invention Now Develop Product Now 0.5 2.5 Wait and Develop Product 1 0 2
What should we do based on Maximin? Sell Invention Now Develop Product Now Wait and Develop Product Wait and Sell Patent Question 3 (1 point) Listen ▶ What is the opportunity loss for Sell Invention Now under Patent Approved? 02.5 10.5 5.5 0
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