  In this paper, the agent-based modeling is employed to model the effect of
intellectual property policy at the speed of technological advancement. Every
agent has inborn preferences towards investing their capital into independent
technological development, innovation appropriation, and production. The
relative cost of appropriation compared to independent development is chosen as
a measure of strictness of intellectual property protection. We vary this
parameter and look at the performance of agents with different preferences and
overall technological progress. In general, it is found that in the specific
setting considered with stronger intellectual property protection leads to
faster progress.
