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Valuation of patents is a practice influenced by commonly adopted theories and approaches. Most patent valuation theories are similar to those used in the valuation of any tangible property, such as a car or a house. One common approach is comparing the asset in question to other similar assets. For example, an individual may be shopping for a new car and see that a particular car has a list price of $40,000. To determine that the car is offered at a fair price, the individual might compare that car with commensurately priced cars having similar attributes. This concept is the bedrock of the “market approach” to patent valuation—deriving the value of a patent by comparing the patent to comparable patents that have been recently sold or licensed.