Intermediation in Innovation
Heidrun Hoppe-Wewetzer and
Emre Ozdenoren ()
No 4891, CEPR Discussion Papers from C.E.P.R. Discussion Papers
The paper offers a new theoretical framework to examine the role of intermediaries between creators and users of new inventions. We find that uncertainty about the profitability of investing in new inventions generates a basis for intermediation. An intermediary may provide an opportunity to economize on a critical component of efficient investment decisions - the expertise to sort `profitable' from `unprofitable' inventions. Our findings may help explain the surge in university patenting and licensing since the Bayh-Dole Act of 1980. The study also identifies several limitations to the potential efficiency of intermediation in innovation.
Keywords: innovation; Intermediation; market microstructure; matching; patent licensing; uncertainty (search for similar items in EconPapers)
JEL-codes: D40 D80 L12 L13 O32 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-ino, nep-mic and nep-tid
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Working Paper: Intermediation in Innovation (2002)
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