TY - JOUR
T1 - Opening the black box of innovation
AU - Aghion, Philippe
AU - Tirole, Jean
N1 - Funding Information:
author. The second author is grateful to Commissariat du Plan and to the d’Etudes des Tt-l&communications (CNET) for financial support.
PY - 1994/4
Y1 - 1994/4
N2 - 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.
AB - 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.
KW - Management of innovation
KW - R&D
KW - Research joint venture
KW - Schumpeterian hypothesis
KW - Vertical integration
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U2 - 10.1016/0014-2921(94)90105-8
DO - 10.1016/0014-2921(94)90105-8
M3 - Article
AN - SCOPUS:38149147507
VL - 38
SP - 701
EP - 710
JO - European Economic Review
JF - European Economic Review
SN - 0014-2921
IS - 3-4
ER -