Semi-Public Contests

Jens Prüfer ()

No 2009-33, Discussion Paper from Tilburg University, Center for Economic Research

Abstract: The process of innovation is driven by two main factors: new inventions and institutions supporting the transformation of inventions into marketable innovations. This paper proposes a new institution, called a semi- public contest, that has been neglected by the economic literature but exists frequently in practice. I show how semi-public contests can mitigate a dilemma that arises at a very early stage of innovative activity and specify the general requirements for situations in which a semi-public contest can increase welfare. This paper's results suggest that governments promote knowledge about the semi-public contest mechanism but refrain from direct public funding of contests.

JEL-codes: D02 D86 L10 O31 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cta, nep-ent, nep-ino, nep-ipr and nep-ppm
Date: 2009
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Working Paper: Semi-Public Contests (2008)
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Persistent link: http://EconPapers.repec.org/RePEc:dgr:kubcen:200933

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