Organization of Markets for Science and Technology

Journal of Institutional and Theoretical Economics (JITE), vol. 161, no. 1, pp. 1

Posted: 6 Apr 2016

See all articles by Rajeev K. Goel

Rajeev K. Goel

Illinois State University - Department of Economics

Daniel P. Rich

Illinois State University - Department of Economics

Date Written: 2005

Abstract

The traditional concentration of basic research activities in academic settings, with applied research more prevalent in industrial settings, is a distinguishing feature of science and technology markets. This structure arises from a unique combination of product characteristics, and in turn it influences incentives, contractual relationships, and conduct associated with research efforts by organizations and individuals. We propose a conceptual framework that combines ongoing advances in the economics of internal organization with the familiar structure-conduct-performance paradigm. The observed workings of research markets, including responses to recent policy initiatives encouraging collaborative research efforts, are best understood in the context of this comprehensive framework.

Suggested Citation

Goel, Rajeev K. and Rich, Daniel P., Organization of Markets for Science and Technology (2005). Journal of Institutional and Theoretical Economics (JITE), vol. 161, no. 1, pp. 1. Available at SSRN: https://ssrn.com/abstract=2758992

Rajeev K. Goel (Contact Author)

Illinois State University - Department of Economics ( email )

Normal, IL 61790-4200
United States

Daniel P. Rich

Illinois State University - Department of Economics ( email )

Normal, IL 61790-4200
United States
309-438-7647 (Phone)

HOME PAGE: http://www.econ.ilstu.edu/faculty/index.html

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