Details

Autor(en) / Beteiligte

• Aghion, Philippe
• Dewatripont, Mathias
• Stein, Jeremy C.

Titel

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

Ist Teil von

• The Rand journal of economics, 2008-09, Vol.39 (3), p.617-635

Ort / Verlag

Malden, USA: Blackwell Publishing Inc

Erscheinungsjahr

2008

Link zum Volltext

Quelle

Wiley-Blackwell Journals

Beschreibungen/Notizen

• 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.