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Incentives for Innovation: Patents, Prizes, and Research Contracts

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Listed:
  • Matthew S. Clancy
  • GianCarlo Moschini

Abstract

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 institutions and policies meant to provide incentives for research and innovation, and focuses on intellectual property rights, specifically patents, contracted research (for example grants), and innovation prizes. The main economic implications of these institutions are discussed, with particular attention paid to open questions and recent contributions.

Suggested Citation

  • Matthew S. Clancy & GianCarlo Moschini, 2013. "Incentives for Innovation: Patents, Prizes, and Research Contracts," Applied Economic Perspectives and Policy, Agricultural and Applied Economics Association, vol. 35(2), pages 206-241.
    • Handle: RePEc:oup:apecpp:v:35:y:2013:i:2:p:206-241.
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    Cited by:

    1. Justice A. Tambo, 2018. "Recognizing farmer-generated innovations through contests: insights from four African countries," Food Security: The Science, Sociology and Economics of Food Production and Access to Food, Springer;The International Society for Plant Pathology, vol. 10(5), pages 1237-1250, October.
    2. Manheim, David & Foster, Derek, 2020. "Option-based guarantees to accelerate urgent, high risk vaccines: a new market-shaping approach," OSF Preprints swd4a, Center for Open Science.
    3. Liotard, Isabelle & Revest, Valérie, 2018. "Contests as innovation policy instruments: Lessons from the US federal agencies' experience," Technological Forecasting and Social Change, Elsevier, vol. 127(C), pages 57-69.
    4. Vladimir Vladimirovich Kolmakov & Aleksandra Grigorievna Polyakova & Vasily Sergeevich Shalaev, 2015. "An Analysis Of The Impact Of Venture Capital Investment On Economic Growth And Innovation: Evidence From The Usa And Russia," Economic Annals, Faculty of Economics and Business, University of Belgrade, vol. 60(207), pages 7-38, September.
    5. SUZUKI Jun, 2017. "To Support R&D or Linkages? Seeking a better policy mix for SME support," Discussion papers 17098, Research Institute of Economy, Trade and Industry (RIETI).
    6. Adrien Hervouet & Stéphane Lemarié, 2023. "The Economics of Royalty Rates in Plant Breeding," Working Papers 2023-03, Grenoble Applied Economics Laboratory (GAEL).
    7. John Liechty & Stefan Wuyts, 2021. "'If I had a hedge fund, I would cure diabetes': endogenous mechanisms for creating public goods," SN Business & Economics, Springer, vol. 1(10), pages 1-18, October.
    8. Clancy, Matthew, 2015. "Combinatorial Innovation and Research Strategies: Theoretical Framework and Empirical Evidence from Two Centuries of Patent Data," Staff General Research Papers Archive 38400, Iowa State University, Department of Economics.
    9. Clancy, Matthew & Moschini, GianCarlo, 2014. "Mandates and the Incentives for Innovation," 2014 Annual Meeting, July 27-29, 2014, Minneapolis, Minnesota 170182, Agricultural and Applied Economics Association.
    10. Marcie Pitt-Catsouphes & Stephanie Cosner Berzin & Tay K. McNamara & Cal Halvorsen & Jim Emerman, 2016. "The Impact of the Purpose Prize™: Exploring a Method to Stimulate Social Entrepreneurship," Journal of Enterprising Culture (JEC), World Scientific Publishing Co. Pte. Ltd., vol. 24(02), pages 133-167, June.
    11. Aseffa Seyoum & Eric W. Welch, 2015. "Ex Post Use Restriction and Benefit-sharing Provisions for Access to Non-plant Genetic Materials for Public Research," Applied Economic Perspectives and Policy, Agricultural and Applied Economics Association, vol. 37(4), pages 667-691.
    12. van der Waal, Mark B. & Feddema, Jelle J. & van de Burgwal, Linda H.M., 2023. "Mapping the broad societal impact of patents," Technovation, Elsevier, vol. 128(C).
    13. Abdul-Fatahi Abdulai & Lyndon Murphy & Brychan Thomas, 2019. "University Knowledge Transfer And Innovation Performance In Firms: The Ghanaian Experience," International Journal of Innovation Management (ijim), World Scientific Publishing Co. Pte. Ltd., vol. 24(03), pages 1-33, April.
    14. Clancy, Matthew S., 2015. "Combinatorial innovation, evidence from patent data, and mandated innovation," ISU General Staff Papers 201501010800005678, Iowa State University, Department of Economics.
    15. Brueggemann, Julia & Meub, Lukas, 2015. "Experimental evidence on the effects of innovation contests," University of Göttingen Working Papers in Economics 251, University of Goettingen, Department of Economics.
    16. Xu-hua Chang & Qiang Chen & Patrick S. W. Fong, 2017. "University invention disclosure: balancing the optimal stage and type," The Journal of Technology Transfer, Springer, vol. 42(3), pages 510-537, June.
    17. Sánchez-Pérez, Manuel & Bourlakis, Michael, 2014. "Absorptive Capability and Knowledge Tacitness in the Transfer of Knowledge in the Agrifood Cluster of the Southeast of Spain," 2014 International European Forum, February 17-21, 2014, Innsbruck-Igls, Austria 199376, International European Forum on System Dynamics and Innovation in Food Networks.
    18. Matthew S Clancy & GianCarlo Moschini, 2018. "Mandates and the Incentive for Environmental Innovation," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 100(1), pages 198-219.
    19. Brüggemann, Julia & Meub, Lukas, 2017. "Experimental evidence on the effects of innovation contests," Information Economics and Policy, Elsevier, vol. 39(C), pages 72-83.
    20. Plank, Josef & Doblinger, Claudia, 2018. "The firm-level innovation impact of public R&D funding: Evidence from the German renewable energy sector," Energy Policy, Elsevier, vol. 113(C), pages 430-438.

    More about this item

    JEL classification:

    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
    • O34 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Intellectual Property and Intellectual Capital
    • O38 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Government Policy

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