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

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

Show simple item record Aghion, Philippe Dewatripont, Mathias Stein, Jeremy C. 2010-02-12T17:17:56Z 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.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 en_US
dc.relation.hasversion 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 Aghion, Philippe
dash.embargo.until 10000-01-01

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