par Aghion, Philippe;Dewatripont, Mathias ;Stein, Jeremy
Référence The Rand journal of economics, 39, 3, page (617-635)
Publication Publié, 2008-09
Article révisé par les pairs
Résumé : We develop a model that clarifies the respective advantages and disadvantages of academic and private-sector research. Rather than relying on lack of appropriability or spillovers to generate a rationale for academic research, we emphasize control-rights considerations, and argue that the fundamental tradeoff between academia and the private sector is one of creative control versus focus. By serving as a precommitment mechanism that allows scientists to freely pursue their own interests, academia can be indispensable for early-stage research. At the same time, the private sector's ability to direct scientists toward higher-payoff activities makes it more attractive for later-stage research. Copyright © 2008, RAND.