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Academic freedom, private-sector focus, and the process of innovation

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Author Info
Philippe Aghion
Mathias Dewatripont
Jeremy C. Stein

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Abstract

We develop a model that clarifies the respective advantages and disadvantages of academic and private-sector research. Rather than relying on lack of appropriability or spillovers to generate a rationale for academic research, we emphasize control-rights considerations, and argue that the fundamental tradeoff between academia and the private sector is one of creative control versus focus. By serving as a precommitment mechanism that allows scientists to freely pursue their own interests, academia can be indispensable for early-stage research. At the same time, the private sector's ability to direct scientists toward higher-payoff activities makes it more attractive for later-stage research. Copyright (c) 2008, RAND.

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File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/j.1756-2171.2008.00031.x
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Publisher Info
Article provided by RAND Corporation in its journal The RAND Journal of Economics.

Volume (Year): 39 (2008)
Issue (Month): 3 ()
Pages: 617-635
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Handle: RePEc:bla:randje:v:39:y:2008:i:3:p:617-635

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Kenneth Arrow, 1962. "Economic Welfare and the Allocation of Resources for Invention," NBER Chapters, in: The Rate and Direction of Inventive Activity: Economic and Social Factors, pages 609-626 National Bureau of Economic Research, Inc. [Downloadable!]
  2. Michael S. McPherson & Morton Owen Schapiro, 1999. "Tenure Issues in Higher Education," Journal of Economic Perspectives, American Economic Association, vol. 13(1), pages 85-98, Winter. [Downloadable!] (restricted)
  3. Hart, Oliver & Shleifer, Andrei & Vishny, Robert W, 1997. "The Proper Scope of Government: Theory and an Application to Prisons," The Quarterly Journal of Economics, MIT Press, vol. 112(4), pages 1127-61, November.
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  4. Steven N. Kaplan & Berk A. Sensoy & Per Strömberg, 2005. "What Are Firms? Evolution from Birth to Public Companies," NBER Working Papers 11581, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  5. Aghion, Philippe & Tirole, Jean, 1997. "Formal and Real Authority in Organizations," Journal of Political Economy, University of Chicago Press, vol. 105(1), pages 1-29, February.
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  6. Carmichael, H Lorne, 1988. "Incentives in Academics: Why Is There Tenure?," Journal of Political Economy, University of Chicago Press, vol. 96(3), pages 453-72, June. [Downloadable!] (restricted)
  7. Holmstrom, Bengt, 1999. "Managerial Incentive Problems: A Dynamic Perspective," Review of Economic Studies, Blackwell Publishing, vol. 66(1), pages 169-82, January. [Downloadable!] (restricted)
  8. Lach, Saul & Schankerman, Mark, 2003. "Incentives and Invention in Universities," CEPR Discussion Papers 3916, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  9. Daron Acemoglu & Michael Kremer & Atif Mian, 2003. "Incentives in Markets, Firms and Governments," NBER Working Papers 9802, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  10. Bengt Holmstrom, 1999. "Managerial Incentive Problems: A Dynamic Perspective," NBER Working Papers 6875, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  11. Hart, Oliver & Moore, John, 1990. "Property Rights and the Nature of the Firm," Journal of Political Economy, University of Chicago Press, vol. 98(6), pages 1119-58, December. [Downloadable!] (restricted)
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  1. Maria Rosaria Carillo & Erasmo Papagni, 2006. "Academic Research, Social Interactions and Economic Growth," Discussion Papers 9_2006, D.E.S. (Department of Economic Studies), University of Naples "Parthenope", Italy. [Downloadable!]
    Other versions:
  2. Simona Fabrizi & Steffen Lippert, 2007. "On Moral Hazard and Joint R&D," Keele Economics Research Papers KERP 2007/03, Centre for Economic Research, Keele University. [Downloadable!]
  3. Broström, Anders & McKelvey, Maureen, 2009. "How do Organisational and Cognitive Distances Shape Firms’ Interactions with Universities and Public Research Institutes?," Working Paper Series in Economics and Institutions of Innovation 188, Royal Institute of Technology, CESIS - Centre of Excellence for Science and Innovation Studies. [Downloadable!]
  4. Armando Castelar Pinneiro & Regis Bonelli, 2008. "New Export Activities in Brazil: Comparative Advantage, Policy or Self-Discovery?," RES Working Papers 3256, Inter-American Development Bank, Research Department. [Downloadable!]
  5. Maria Rosaria Carillo & Erasmo Papagni, 2006. "Social Rewards in Science and Economic Growth," Discussion Papers 10_2006, D.E.S. (Department of Economic Studies), University of Naples "Parthenope", Italy. [Downloadable!]
    Other versions:
  6. Kaplan, Steven N. & Sensoy, Berk A. & Strömberg, Per, 2005. "What are Firms? Evolution from Birth to Public Companies," SIFR Research Report Series 36, Institute for Financial Research. [Downloadable!]
    Other versions:
  7. Belenzon, Sharon & Schankerman, Mark, 2007. "Harnessing Success: Determinants of University Technology Licensing Performance," CEPR Discussion Papers 6120, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
    Other versions:
  8. Armando Castelar Pinneiro & Regis Bonelli, 2008. "Nuevas Actividades Exportadoras en Brasil: Ventaja Comparativa, Políticas o Auto-Descubrimiento?," RES Working Papers 3257, Inter-American Development Bank, Research Department. [Downloadable!]
  9. Sharon Belenzon & Mark Schankerman, 2007. "The Impact of Private Ownership, Incentives and Local Development Objectives on University Technology Transfer Performance," CEP Discussion Papers dp0779, Centre for Economic Performance, LSE. [Downloadable!]
  10. Brezis, Elise S., 2008. "Is Privatization Necessary to achieve Quality of Universities?," MPRA Paper 12485, University Library of Munich, Germany. [Downloadable!]
  11. Luca, SPINESI, 2007. "IPR for Public and Private Innovations, and Growth," Discussion Papers (ECON - Département des Sciences Economiques) 2007015, Université catholique de Louvain, Département des Sciences Economiques. [Downloadable!]
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