Proofs and Prototypes for Sale: The Tale of University Licensing / Richard Jensen, Marie Thursby.

Format:

Book

Author/Creator:

Jensen, Richard.

Contributor:

National Bureau of Economic Research.

Thursby, Marie.

Series:

Working Paper Series (National Bureau of Economic Research) no. w6698.

NBER working paper series no. w6698

Language:

English

Physical Description:

1 online resource: illustrations (black and white);

Other Title:

Proofs and Prototypes for Sale

Place of Publication:

Cambridge, Mass. National Bureau of Economic Research 1998.

Summary:

Proponents of the Bayh-Dole Act argue that unless universities have the right to license patentable inventions, many results from federally funded research would never be transferred to industry. Our survey of U.S. research universities supports this view. Results point to the embryonic state of most technologies licensed and the need for inventor cooperation in the commercialization process. Thus, for most university inventions, there is a moral hazard problem with regard to inventor effort. Our theoretical analysis shows that for such inventions, development would not occur unless the inventor's income is tied to the licensee's output by payments such as royalties or equity. Sponsored research can also be critical to commercialization, but it alone does not solve the inventor's moral hazard problem.

Notes:

Print version record

August 1998.