Organization of Markets for Science and Technology
Journal of Institutional and Theoretical Economics (JITE), vol. 161, no. 1, pp. 1
Posted: 6 Apr 2016
Date Written: 2005
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.
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