Robert Cantrell writes in IPStrategy.com that it may be illogical to obtain the value of a patent by measuring it only in context with other patents.
We create within our patent analyses the “Liar’s Paradox” shown by the sentence “This sentence is false.” An analysis of “This sentence is false.” shows that it cannot be true because then it would be false, and it cannot be false because then it would be true. Patent citations analysis can create a similar dynamic. This patent is valuable because it is highly cited, and this patent is highly cited because it is valuable is always true…except when it is false.
It follows that if a patent receives X citations and other patents in the field receive X-Y citations, valuators are likely to assign a higher value to the first patent. “Sometimes this would be true; sometimes it would not be true.” Valuators need to assess what a patent means outside the system of patents. The value of a patent is dependent upon the capabilities, inclinations and wherewithal of the patent owner.