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Proofs and Prototypes for Sale: The Tale of University Licensing

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Author Info
Richard Jensen
Marie Thursby

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Abstract

Proponents of the Bayh-Dole Act argue that unless universities have the right to license patentable inventions, many results from federally funded research would never be transferred to industry. Our survey of U.S. research universities supports this view. Results point to the embryonic state of most technologies licensed and the need for inventor cooperation in the commercialization process. Thus, for most university inventions, there is a moral hazard problem with regard to inventor effort. Our theoretical analysis shows that for such inventions, development would not occur unless the inventor's income is tied to the licensee's output by payments such as royalties or equity. Sponsored research can also be critical to commercialization, but it alone does not solve the inventor's moral hazard problem.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 6698.

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Date of creation: Aug 1998
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Handle: RePEc:nbr:nberwo:6698

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Find related papers by JEL classification:
O31 - Economic Development, Technological Change, and Growth - - Technological Change - - - Innovation and Invention: Processes and Incentives
O34 - Economic Development, Technological Change, and Growth - - Technological Change - - - Intellectual Property Rights

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    Other versions:
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    Other versions:
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    Other versions:
Full references

Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Henry G. Grabowski, 2003. "Patents and new product development in the pharmaceutical and biotechnology industries," Proceedings, Federal Reserve Bank of Dallas, issue Sep, pages 87-104. [Downloadable!]
  2. John V. Duca & Mine K. Yücel, 2003. "Exploring the economics of biotechnology: an overview," Proceedings, Federal Reserve Bank of Dallas, issue Sep, pages 3-10. [Downloadable!]
  3. Christine Greenhalgh & Padraig Dixon, 2002. "The Economics of Intellectual Property: A Review to Identify Themes for Future Research," Economics Series Working Papers 135, University of Oxford, Department of Economics. [Downloadable!]
    Other versions:
  4. Rebecca S. Eisenberg, 2003. "Reaching through the genome," Proceedings, Federal Reserve Bank of Dallas, issue Sep, pages 105-115. [Downloadable!]
  5. Lynne G. Zucker & Michael R. Darby & Jeff S. Armstrong, 2001. "Commercializing Knowledge: University Science, Knowledge Capture, and Firm Performance in Biotechnology," NBER Working Papers 8499, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  6. Adam B. Jaffe, 1999. "The U.S. Patent System in Transition: Policy Innovation and the Innovation Process," NBER Working Papers 7280, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  7. Lynne G. Zucker & Michael R. Darby, 2005. "Socio-economic Impact of Nanoscale Science: Initial Results and NanoBank," NBER Working Papers 11181, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  8. Goldfarb, Brent & Henrekson, Magnus & Rosenberg, Nathan, 2001. "Demand vs. Supply Driven Innovations: US and Swedish Experiences in Academic Entrepreneurship," Working Paper Series in Economics and Finance 0436, Stockholm School of Economics. [Downloadable!]
  9. Goldfarb, Brent & Henrekson, Magnus, 2001. "Bottom-Up vs. Top-Down Policies towards the Commercialization of University Intellectual Property," Working Paper Series in Economics and Finance 463, Stockholm School of Economics, revised 26 May 2002. [Downloadable!]
  10. Michael R. Darby & Lynne G. Zucker, 2003. "Growing by leaps and inches: creative destruction, real cost reduction, and inching up," Proceedings, Federal Reserve Bank of Dallas, issue Sep, pages 13-42. [Downloadable!]
    Other versions:
  11. Donald Siegel & David Waldman & Albert Link, 1999. "Assessing the Impact of Organizational Practices on the Productivity of University Technology Transfer Offices: An Exploratory Study," NBER Working Papers 7256, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  12. Antonio Della Malva & Francesco Lissoni & Patrick Llerena, 2008. "Institutional Change and Academic Patenting: French Universities and the Innovation Act of the 1999," Working Papers of BETA 2008-09, Bureau d'Economie Théorique et Appliquée, ULP, Strasbourg. [Downloadable!]
  13. Frank R. Lichtenberg, 2003. "The benefits to society of new drugs: a survey of the econometric evidence," Proceedings, Federal Reserve Bank of Dallas, issue Sep, pages 43-59. [Downloadable!]
  14. Michael S. Lawlor, 2003. "Biotechnology and government funding: economic motivation and policy models," Proceedings, Federal Reserve Bank of Dallas, issue Sep, pages 131-146. [Downloadable!]
  15. Beise, Marian & Stahl, Harald, 1998. "Public research and industrial innovations in Germany," ZEW Discussion Papers 98-37, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research. [Downloadable!]
    Other versions:
  16. Arianna Martinelli & Martin Meyer & Nick Tunzelmann, 2008. "Becoming an entrepreneurial university? A case study of knowledge exchange relationships and faculty attitudes in a medium-sized, research-oriented university," The Journal of Technology Transfer, Springer, vol. 33(3), pages 259-283, June. [Downloadable!] (restricted)
  17. Timothy F. Howe, 2003. "Financing biotechnology research: a firsthand perspective," Proceedings, Federal Reserve Bank of Dallas, issue Sep, pages 119-130. [Downloadable!]
  18. Malcolm Gillis, 2003. "Harnessing new technologies for the 21st century," Proceedings, Federal Reserve Bank of Dallas, issue Sep, pages 63-75. [Downloadable!]
  19. C. Thomas Caskey, 2003. "The convergence of disruptive technologies enabling a new industrial approach to health products," Proceedings, Federal Reserve Bank of Dallas, issue Sep, pages 77-84. [Downloadable!]
  20. Michael R. Darby & Lynne G. Zucker, 2003. "Grilichesian Breakthroughs: Inventions of Methods of Inventing and Firm Entry in Nanotechnology," NBER Working Papers 9825, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  21. Michael R. Darby & Lynne G. Zucker & Andrew Wang, 2003. "Universities, Joint Ventures, and Success in the Advanced Technology Program," NBER Working Papers 9463, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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