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Economists have tended to focus exclusively on the costs patents impose by restricting pricecompetition. We analyze the important but overlooked role played by non-price competition. Compared to a patent monopoly, competitive firms may engage in inefficient levels of non-price competition-such as marketing-when these activities have external effects on competitors. For example, patent monopolies may price less efficiently, but market more efficiently than competitive firms. As a result, patentdoi:10.3386/w12577 fatcat:nxbnuq2qhbeybhvd5gf3oqrsma