Academic Freedom, Private-Sector Focus, and the Process of Innovation

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Academic Freedom, Private-Sector Focus, and the Process of Innovation

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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.
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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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  • FAS Scholarly Articles [6463]
    Peer reviewed scholarly articles from the Faculty of Arts and Sciences of Harvard University
 
 

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