Nice paper by bank of Finland econs - Timo Korkeamäki & Tuomas Takalo.
They measure valuation of i-phone innovation by seeing its impact on stock price of Apple:
We study the value of innovation in a case study of one of the most visible innovative products in recent years, Apple’s iPhone. The value effects of news announcements, patent publications, and trademarks relating to iPhone are taken into account. Our estimate of the lower bound on the value of iPhone is fairly high, 30 billion U.S. (event-day) dollars or 10% to 13% of the firm’s market cap (at the end of 2009). We find that patentable technology explains about 25% of the total value, which derives from market reactions to publication of patent applications rather than grants. We also observe a weak negative reaction among Apple’s rivals to news about iPhone. Apple appears to capture most of the value within the iPhone supply chain.
Most products by Apple have this invaluable angle to them. No metric justifies the true valuation of Apple and its i products. Just an amazingly innovative franchise. Hope it continues to do so without Jobs being there..