Complements and substitutes in profiting from innovation-A choice experimental approach

► We develop a conjoint-based method to identify interactions between appropriability mechanisms. ► Product-related patents are complementary to the overall size of the patent portfolio. ► They are-with an interesting exception-also complementary to contributions to open standards. ► These complementarities may contribute to explaining the patent paradox. ► There are indications of a substitutive relationship between patents and lead time advantages.