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Intermediation in Innovation

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  • Hoppe, Heidrun C.
  • Ozdenoren, Emre

Abstract

The paper offers a new theoretical framework to examine the role of intermediaries between creators and users of new inventions. We find that uncertainty about the profitability of investing in new inventions generates a basis for intermediation. An intermediary may provide an opportunity to economize on a critical component of efficient investment decisions - the expertise to sort `profitable' from `unprofitable' inventions. Our findings may help explain the surge in university patenting and licensing since the Bayh-Dole Act of 1980. The study also identifies several limitations to the potential efficiency of intermediation in innovation.

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Bibliographic Info

Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 4891.

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Date of creation: Feb 2005
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Handle: RePEc:cpr:ceprdp:4891

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Related research

Keywords: innovation; Intermediation; market microstructure; matching; patent licensing; uncertainty;

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References

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  1. Macho-Stadler Inés & Pérez-Castrillo David & Veugelers Reinhilde, 2005. "Licensing of University Inventions: The Role of a Technology Transfer Office," Working Papers 201022, Fundacion BBVA / BBVA Foundation.
  2. Daniel F. Spulber, 2002. "Market Microstructure and Incentives to Invest," Journal of Political Economy, University of Chicago Press, vol. 110(2), pages 352-381, April.
  3. Cohen, Wesley M & Levinthal, Daniel A, 1989. "Innovation and Learning: The Two Faces of R&D," Economic Journal, Royal Economic Society, vol. 99(397), pages 569-96, September.
  4. Gary Biglaiser & James W. Friedman, 1999. "Adverse Selection with Competitive Inspection," Journal of Economics & Management Strategy, Wiley Blackwell, vol. 8(1), pages 1-32, 03.
  5. Adam B. Jaffe & Josh Lerner, 1999. "Privatizing R&D: Patent Policy and the Commercialization of National Laboratory Technologies," NBER Working Papers 7064, National Bureau of Economic Research, Inc.
  6. Chan, Yuk-Shee, 1983. " On the Positive Role of Financial Intermediation in Allocation of Venture Capital in a Market with Imperfect Information," Journal of Finance, American Finance Association, vol. 38(5), pages 1543-68, December.
  7. Avinash Dixit, 2003. "On Modes of Economic Governance," Econometrica, Econometric Society, vol. 71(2), pages 449-481, March.
  8. Rachel E. Kranton & Deborah F. Minehart, 2001. "A Theory of Buyer-Seller Networks," American Economic Review, American Economic Association, vol. 91(3), pages 485-508, June.
  9. Thursby, Jerry G & Jensen, Richard & Thursby, Marie C, 2001. " Objectives, Characteristics and Outcomes of University Licensing: A Survey of Major U.S. Universities," The Journal of Technology Transfer, Springer, vol. 26(1-2), pages 59-72, January.
  10. Spulber,Daniel F., 1999. "Market Microstructure," Cambridge Books, Cambridge University Press, number 9780521659789.
  11. Nancy T. Gallini & Brian D. Wright, 1990. "Technology Transfer under Asymmetric Information," RAND Journal of Economics, The RAND Corporation, vol. 21(1), pages 147-160, Spring.
  12. Marie Thursby & Richard Jensen, 2001. "Proofs and Prototypes for Sale: The Licensing of University Inventions," American Economic Review, American Economic Association, vol. 91(1), pages 240-259, March.
  13. Caillaud, Bernard & Jullien, Bruno, 2001. "Competing cybermediaries," European Economic Review, Elsevier, vol. 45(4-6), pages 797-808, May.
  14. Audretsch, David B & Stephan, Paula E, 1996. "Company-Scientist Locational Links: The Case of Biotechnology," American Economic Review, American Economic Association, vol. 86(3), pages 641-52, June.
  15. Zucker, Lynne G & Darby, Michael R & Brewer, Marilynn B, 1998. "Intellectual Human Capital and the Birth of U.S. Biotechnology Enterprises," American Economic Review, American Economic Association, vol. 88(1), pages 290-306, March.
  16. Alessandro Lizzeri, 1999. "Information Revelation and Certification Intermediaries," RAND Journal of Economics, The RAND Corporation, vol. 30(2), pages 214-231, Summer.
  17. David C. Mowery & Arvids A. Ziedonis, 2001. "The Geographic Reach of Market and Non-Market Channels of Technology Transfer: Comparing Citations and Licenses of University Patents," NBER Working Papers 8568, National Bureau of Economic Research, Inc.
  18. Buchanan, James M & Yoon, Yong J, 2000. "Symmetric Tragedies: Commons and Anticommons," Journal of Law and Economics, University of Chicago Press, vol. 43(1), pages 1-13, April.
  19. Donald Siegel & David Waldman & Albert Link, 1999. "Assessing the Impact of Organizational Practices on the Productivity of University Technology Transfer Offices: An Exploratory Study," NBER Working Papers 7256, National Bureau of Economic Research, Inc.
  20. Richard A. Jensen & Jerry G. Thursby & Marie C. Thursby, 2003. "The Disclosure and Licensing of University Inventions," NBER Working Papers 9734, National Bureau of Economic Research, Inc.
  21. 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.
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Citations

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Cited by:
  1. Hellmann, Thomas, 2007. "The role of patents for bridging the science to market gap," Journal of Economic Behavior & Organization, Elsevier, vol. 63(4), pages 624-647, August.
  2. Troy, Irene & Werle, Raymund, 2008. "Uncertainty and the market for patents," MPIfG Working Paper 08/2, Max Planck Institute for the Study of Societies.
  3. Marie Thursby & Jerry Thursby & Emmanuel Dechenaux, 2005. "Shirking, Sharing Risk, and Shelving: The Role of University License Contracts," NBER Working Papers 11128, National Bureau of Economic Research, Inc.
  4. Jörg Bühnemann & Bernd Neutschel, 2014. "Universitäre Transferstruktur im Wandel - OvGU als regionaler Impulsgeber," FEMM Working Papers 140001, Otto-von-Guericke University Magdeburg, Faculty of Economics and Management.
  5. Kirkels, Yvonne & Duysters, Geert, 2010. "Brokerage in SME networks," Research Policy, Elsevier, vol. 39(3), pages 375-385, April.
  6. Celestine Chukumba & Richard Jensen, 2005. "University Invention, Entrepreneurship, and Start-Ups," NBER Working Papers 11475, National Bureau of Economic Research, Inc.
  7. Sterzi, Valerio, 2013. "Patent quality and ownership: An analysis of UK faculty patenting," Research Policy, Elsevier, vol. 42(2), pages 564-576.
  8. Abiodun A. Egbetokun, 2012. "Cooperation behaviour and innovation performance in the Nigerian manufacturing industry," Jena Economic Research Papers 2012-037, Friedrich-Schiller-University Jena, Max-Planck-Institute of Economics.
  9. Christoph Kober, 2010. "Enhancing Knowledge-Based Regional Economic Development: Potentials and Barriers for Technology Transfer Offices," NEURUS papers neurusp139, NEURUS - Network of European and US Regional and Urban Studies.

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