Matching Ideas to Institutions Under Uncertainty: The Role of the Innovation Commons
19 Pages Posted: 23 Dec 2015
Date Written: January 22, 2015
The theory of innovation policy widely neglects private uncertainty about optimal matching of an idea to an innovation institution for development. I argue that information pooling in the commons enables private uncertainty to be effectively resolved, prior to subsequent development in private or public innovation institutions. This suggests that the innovation commons may be a crucial institutional component of an innovation system in the early phase of an innovation trajectory, but also that it is likely to be a temporary phase.
Keywords: innovation, institutions, uncertainty, commons, innovation policy
JEL Classification: O3
Suggested Citation: Suggested Citation