Academic Freedom, Private-Sector Focus, and the Process of Innovation
| Title: | Academic Freedom, Private-Sector Focus, and the Process of Innovation |
| Author: |
Aghion, Philippe; Dewatripont, Mathias; Stein, Jeremy C.
Note: Order does not necessarily reflect citation order of authors. |
| Citation: | Aghion, Philippe, Mathias Dewatripont, and Jeremy C. Stein. 2008. Academic freedom, private-sector focus, and the process of innovation. The RAND Journal of Economics 39, no. 3: 617-635. |
| Access Status: | At the direction of the depositing author this work is not currently accessible through DASH. |
| Full Text & Related Files: |
aghion_academicfreedom.pdf (359.5Kb; PDF) 
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| Abstract: | 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. |
| Published Version: | http://dx.doi.org/10.1111/j.1756-2171.2008.00031.x |
| Other Sources: | http://www.economics.harvard.edu/faculty/aghion/papers_aghion |
| Citable link to this page: | http://nrs.harvard.edu/urn-3:HUL.InstRepos:3637074 |
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Peer reviewed scholarly articles from the Faculty of Arts and Sciences of Harvard University
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