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[Wiscagent]

Joonsus asked "Are there any proven cost effective ways to determine if my invention is worth the money spent for a patent?"

No, there are not.

There are certainly some general indicators that can be used to estimate the probability that an invention may be (a) successfully patented and (b) profitably sold.  

A good knowledge of the technology, i.e. familiarity with the industry / technology and actually studying the references found in a prior art search can help you determine if your invention is novel and non-obvious.  Of course, your understanding (or your patent practitioner's) is not determinative; the patent office actually makes the decision.

Tools to estimate market size, your potential share of the market, and potential profitability are available.  Unfortunately, the estimates are frequently inaccurate; especially when the data inputs (such as advertising budget, manufacturing costs, distribution costs, and overhead) are not accurately known.

[JSonnabend]

Joonsus asked "Are there any proven cost effective ways to determine if my invention is worth the money spent for a patent?"

No, there are not.

For better or worse, I have to agree with Wiscagent.

I find that some clients think obtaining a patent is the end of the game -- they believe that with a patent in hand everything else will fall in line.

The more realistic clients recognize a patent for what it is: one more business asset.

The best advice I can give is to find an IP attorney who you trust and with whom you can develop a good raport.  He or she will be able to counsel you on how to maximize your competitive advantage economically.  I do it all the time in my practice.

- Jeff

[JimIvey]

I'll agree with Wiscagent and Jeff.  And, I'll add a little of my own perspective.

Jeff is right; patents are business assets.  As such, determining their value and extracting that value are very different endeavors from creating the assets in the first place.

To use an analogy that might help those unfamiliar with what patent practitioners do, asking a patent practitioner what your patent/idea is worth is like asking an architect what your house is worth.  They might have a rough guess for you (if they have any idea at all), but that's not their expertice.  And, they could probably tell you things about your house that could have been designed differently that would make it worth more.  That is their expertice.

When you want to build a house, see an architect.  When you want to sell a house, see a real estate broker.

When you want to build property in an idea, see a patent practitioner.  When you want to sell/license that property, see a licensing attorney.

Regards.