Abstract
AbstractThis paper develops a novelty measure for patents. We devise a text-based novelty measure using natural language processing (NLP) techniques. The proposed method is applied on patents that belong to a common category, which represents a subset of patents under a specific patent class. We then extract the novelty-value profile of those patents and discuss a use case for product design and development (i.e., extracting patent novelty and predicting inventive value).
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