Abstract: According to the prospect theory, the patent system has the attribute of prospect. By giving the inventor exclusive rights, the management, coordination and development of innovation resources are realized so as to improve the utilization of resources and promote the generation of new technologies in coordination with successive inventors. The incentive theory high-lights the monopoly attribute of the patent system,while the prospect theory explains the substantive nature of the patent system and highlights the competitive attribute of the patent system. The patent system,which encourages innovation and competition, cannot solve but can guide the direction of rent dissipation. According to these prospective attributes, the patent system should be more prudent, clear and meticulous in the identification of patent standards, the scope and duration of patent protection, and the legal classification and content of patent rights. It should also be adjusted according to the actual domestic situation when going internationalized. The establishment of patent system based on prospect theory is more conducive for invention and creation to adjust to the operation of market economy, and further promotes social innovation and market competition.

Key words: intellectual property, patent system, prospect theory, rent dissipation, natural monopoly regulation