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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dc.contributor.author Aghion, Philippe
dc.contributor.author Dewatripont, Mathias
dc.contributor.author Stein, Jeremy C.
dc.date.accessioned 2010-02-12T17:17:56Z
dc.date.issued 2008
dc.identifier.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. en_US
dc.identifier.issn 0741-6261 en_US
dc.identifier.uri http://nrs.harvard.edu/urn-3:HUL.InstRepos:3637074
dc.description.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. en_US
dc.description.sponsorship Economics en_US
dc.language.iso en_US en_US
dc.publisher RAND Corporation en_US
dc.relation.isversionof http://dx.doi.org/10.1111/j.1756-2171.2008.00031.x en_US
dc.relation.hasversion http://www.economics.harvard.edu/faculty/aghion/papers_aghion en_US
dash.license META_ONLY
dc.title Academic Freedom, Private-Sector Focus, and the Process of Innovation en_US
dc.type Journal Article en_US
dc.description.version Accepted Manuscript en_US
dc.relation.journal The RAND Journal of Economics en_US
dash.depositing.author Aghion, Philippe
dash.embargo.until 10000-01-01

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  • FAS Scholarly Articles [7078]
    Peer reviewed scholarly articles from the Faculty of Arts and Sciences of Harvard University

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