Opening the black box of innovation

Philippe Aghion*, Jean Tirole

*Corresponding author for this work

    Research output: Contribution to journalArticlepeer-review

    33 Scopus citations


    The paper views the R&D process as encompassing several actors with dissonant objectives: the creators, the financiers, the owners of the patent, and the users of the innovation. It endogenizes the governance of R&D and the distribution of investments, patent rights, and return streams among the actors. Such an approach is able to provide theoretical foundations for the observed organization and the legal treatment of R&D and for an interpretation of the empirical evidence on Schumpeterian hypotheses. It can also help frame public intervention in the R&D sector.

    Original languageEnglish (US)
    Pages (from-to)701-710
    Number of pages10
    JournalEuropean Economic Review
    Issue number3-4
    StatePublished - Apr 1994


    • Management of innovation
    • R&D
    • Research joint venture
    • Schumpeterian hypothesis
    • Vertical integration

    ASJC Scopus subject areas

    • Finance
    • Economics and Econometrics

    Fingerprint Dive into the research topics of 'Opening the black box of innovation'. Together they form a unique fingerprint.

    Cite this