Charles Goodyear decided to license his patented vulcanization process to capture value from his innovation, instead of selling the products on his own. Do you think this is rational? Why or why not?

The action is rational.

Explanation:

The action is rational because by licensing his patent, he is able to potentially obtain more money from the sale of licenses, than from the patent itself, or from the sales he could have made himself.

Charles Goodyear is probably able to reach more customers, which mean more licenses, which mean more money, by licensing the vulcanization process.