Prizes, patents and the search for longitude
M. Diane Burton and
Explorations in Economic History, 2017, vol. 64, issue C, 21-36
The 1714 Longitude Act created the Board of Longitude to administer a large monetary prize and progress payments for the precise determination of a ship's longitude. However, the prize did not prohibit patenting. We use a new dataset of marine chronometer inventors to show that the propensity to patent was high. We argue that while the prize spurred entry by key inventors, and progress payments facilitated research investment in an area of significant social value, patents promoted disclosure. Our findings highlight the importance of complementarities between prize and patent-based incentives in the design of innovation inducement contests.
Keywords: Prizes; Patents; Innovation (search for similar items in EconPapers)
References: View references in EconPapers View complete reference list from CitEc
Citations Track citations by RSS feed
Downloads: (external link)
Full text for ScienceDirect subscribers only
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:eee:exehis:v:64:y:2017:i:c:p:21-36
Access Statistics for this article
Explorations in Economic History is currently edited by R.H. Steckel
More articles in Explorations in Economic History from Elsevier
Series data maintained by Dana Niculescu ().