Rewarding Sequential Innovators: Prizes, Patents and Buyouts
نویسندگان
چکیده
منابع مشابه
Rewarding Duopoly Innovators: The Price of Exclusivity∗
We study an environment where a duopoly develops innovations that build on one another. The quality of innovations is private information, so optimal rewards take the form of rights to produce the resulting products. There is a tradeo between encouraging one rm to work on its innovations by granting it promised rights, and the fact that those rights deteriorate the rights of its competitors. We...
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Innovation is essential for sustaining growth and economic development in a world that faces population increase, natural resource depletion, and environmental challenges. Incentives play a critical role in innovation because the required research and development activities are costly, and the resulting knowledge has the attributes of a public good. This paper discusses the economics of institu...
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This paper exploits the selection of prize-winning technologies among exhibitors at the Crystal Palace Exhibition in 1851 to examine whether—and how—ex post prizes that are awarded to high-quality innovations may encourage future innovation. U.S. patent data indicate a 40 per cent increase after 1851 in patenting for prize-winners compared with other exhibits. Results are robust to controlling ...
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Innovative activities have public good characteristics in the sense that the cost of producing, say, the rst unit of a new good is high compared to the cost of producing subsequent units. Moreover, knowledge of how to produce subsequent units is often widely known once the innovation has occurred and is, therefore, non-rivalrous. The main question addressed in this paper is whether mechanisms ...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2001
ISSN: 1556-5068
DOI: 10.2139/ssrn.257591