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Incomplete Contracting in Research Joint Ventures: a Case Study

Author

Listed:
  • Tuomas Takalo

    (Department of Economics, University of Helsinki, Helsinki, Finnland)

  • Klaus Kultti

    (Department of Economics and Management Science, Helsinki School of Economics and Business Administration, Helsinki, Finnland)

Abstract

In 1980 three Finnish companies established a research joint venture in order to develop semiconductors. The project was initiated when a de facto standard was on the verge of tumbling down, and it was terminated when a new standard emerged. We study the RJV in the light of the contract theory, focusing on the rationale for establishing an RJV in the light of the contract theory, focusing on the rationale for establishing an RJV. The literature emphasizes the internalization of R&D spillovers. We argue that the sharing of research results cannot be the only rationale, because there are simpler mechanisms to achieve the same goal, such as cross-licensing or patent pooling. We also discuss hoe information exchange agreements may account for the R&D spillovers and provide a real-world example.

Suggested Citation

  • Tuomas Takalo & Klaus Kultti, 1999. "Incomplete Contracting in Research Joint Ventures: a Case Study," Homo Oeconomicus, Institute of SocioEconomics, vol. 15, pages 341-367.
    • Handle: RePEc:hom:homoec:v:15:y:1999:p:341-367
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    Cited by:

    1. Klaus Kultti & Tuomas Takalo & Tanja Tanayama, 2015. "R&D spillovers and information exchange: a case study," Eurasian Economic Review, Springer;Eurasia Business and Economics Society, vol. 5(1), pages 63-76, June.

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