[wordup] Study on Optimal Length of Copyright Term

[Adam Shand]

w00t, common sense from economists.  Love it!

Adam.

Via: http://www.boingboing.net/2007/07/12/economist-calculates.html
Source: http://www.rufuspollock.org/2007/07/09/forever-minus-a-day-some-theory-and-empirics-of-optimal-copyright/

Abstract
The optimal level for copyright has been a matter for extensive debate  
over the last decade. This paper contributes several new results on  
this issue divided into two parts. In the first, a parsimonious  
theoretical model is used to prove several novel propositions about  
the optimal level of protection. Specifically, we demonstrate that (a)  
optimal copyright falls as the costs of production go down (for  
example as a result of digitization) and that (b) the optimal level of  
copyright will, in general, fall over time. The second part of the  
paper focuses on the specific case of copyright term. Using a simple  
model we characterise optimal term as a function of a few key  
parameters. We estimate this function using a combination of new and  
existing data on recordings and books and find an optimal term of  
around fifteen years. This is substantially shorter than any current  
copyright term and implies that existing copyright terms are too long.

Full paper available at: http://www.rufuspollock.org/economics/papers/optimal_copyright.pdf