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Licensing of University Inventions: The Role of a Technology Transfer Office

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Author Info

  • Macho-Stadler Inés

    ()
    (AUTONOMOUS UNIVERSITY OF BARCELONA CATHOLIC UNIVERSITY OF LEUVEN)

  • Pérez-Castrillo David

    ()
    (AUTONOMOUS UNIVERSITY OF BARCELONA)

  • Veugelers Reinhilde

    ()
    (AUTONOMOUS UNIVERSITY OF BARCELONA CATHOLIC UNIVERSITY OF LEUVEN)

Abstract

We provide a theoretical model which helps to explain the specific role of TTOs. Using a framework where firms have incomplete information on the quality of inventions, we develop a reputation argument for the TTO to reduce the asymmetric information problem. Our results indicate that a TTO is often able to benefit from its capacity to pool innovations across research units (and to build a reputation) within universities. It will have an incentive to 'shelve' some of the projects, thus raising the buyer s beliefs on expected quality, which results in fewer but more valuable innovations being sold at higher prices. We explain the importance of a critical size for the TTO in order to be successful as well as the stylized fact that TTOs may lead to fewer licensing agreements, but higher income from innovation transfers.

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Bibliographic Info

Paper provided by Fundacion BBVA / BBVA Foundation in its series Working Papers with number 201022.

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Length: 56
Date of creation: Apr 2005
Date of revision:
Handle: RePEc:fbb:wpaper:201022

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Keywords: Industry-science relations; technology transfer offices; technology licensing.;

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References

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  1. Bronwyn H. Hall & Albert N. Link & John T. Scott, 2001. "Barriers Inhibiting Industry from Partnering with Universities: Evidence from the Advanced Technology Program," Development and Comp Systems 0012003, EconWPA.
  2. Saul Lach & Mark Schankerman, 2008. "Incentives and invention in universities," RAND Journal of Economics, RAND Corporation, vol. 39(2), pages 403-433.
  3. Thomas Hellmann, 2005. "The Role of Patents for Bridging the Science to Market Gap," NBER Working Papers 11460, National Bureau of Economic Research, Inc.
  4. 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.
  5. Jerry G. Thursby & Marie C. Thursby, 2002. "Who Is Selling the Ivory Tower? Sources of Growth in University Licensing," Management Science, INFORMS, vol. 48(1), pages 90-104, January.
  6. Yuk-Shee Chan., 1982. "On the Positive Role of Financial Intermediation in Allocation of Venture Capital in a Market with Imperfect Information," Research Program in Finance Working Papers 127, University of California at Berkeley.
  7. Thursby, Jerry G. & Kemp, Sukanya, 2002. "Growth and productive efficiency of university intellectual property licensing," Research Policy, Elsevier, vol. 31(1), pages 109-124, January.
  8. Alessandro Lizzeri, 1999. "Information Revelation and Certification Intermediaries," RAND Journal of Economics, The RAND Corporation, vol. 30(2), pages 214-231, Summer.
  9. Adam B. Jaffe & Manuel Trajtenberg & Rebecca Henderson, 1992. "Geographic Localization of Knowledge Spillovers as Evidenced by Patent Citations," NBER Working Papers 3993, National Bureau of Economic Research, Inc.
  10. 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.
  11. 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.
  12. Beggs, A. W., 1992. "The licensing of patents under asymmetric information," International Journal of Industrial Organization, Elsevier, vol. 10(2), pages 171-191, June.
  13. 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.
  14. 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.
  15. Macho-Stadler, Ines & Martinez-Giralt, Xavier & David Perez-Castrillo, J., 1996. "The role of information in licensing contract design," Research Policy, Elsevier, vol. 25(1), pages 43-57, January.
  16. Friedman, Joseph & Silberman, Jonathan, 2003. " University Technology Transfer: Do Incentives, Management, and Location Matter?," The Journal of Technology Transfer, Springer, vol. 28(1), pages 17-30, January.
  17. Maryann Feldman & Irwin Feller & Janet Bercovitz & Richard Burton, 2002. "Equity and the Technology Transfer Strategies of American Research Universities," Management Science, INFORMS, vol. 48(1), pages 105-121, January.
  18. Rosenberg, Nathan & Nelson, Richard R., 1994. "American universities and technical advance in industry," Research Policy, Elsevier, vol. 23(3), pages 323-348, May.
  19. Adams, James D, 1990. "Fundamental Stocks of Knowledge and Productivity Growth," Journal of Political Economy, University of Chicago Press, vol. 98(4), pages 673-702, August.
  20. Wesley David Sine & Scott Shane & Dante Di Gregorio, 2003. "The Halo Effect and Technology Licensing: The Influence of Institutional Prestige on the Licensing of University Inventions," Management Science, INFORMS, vol. 49(4), pages 478-496, April.
  21. Siegel, Donald S. & Waldman, David & Link, Albert, 2003. "Assessing the impact of organizational practices on the relative productivity of university technology transfer offices: an exploratory study," Research Policy, Elsevier, vol. 32(1), pages 27-48, January.
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