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Deals not done : sources of failure in the market for ideas

Author: Ajay Agrawal; Iain Cockburn; Laurina Zhang; National Bureau of Economic Research.
Publisher: Cambridge, Mass. : National Bureau of Economic Research, 2013.
Series: Working paper series (National Bureau of Economic Research), no. 19679.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
Using novel survey data on technology licensing, we report the first empirical evidence linking the three main sources of failure emphasized in the market design literature (lack of market thickness, congestion, lack of market safety) to deal outcomes. We disaggregate the licensing process into three stages and find that although lack of market thickness and deal failure are correlated in the first stage, they are  Read more...
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Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Ajay Agrawal; Iain Cockburn; Laurina Zhang; National Bureau of Economic Research.
OCLC Number: 865014485
Notes: Title from http://www.nber.org/papers/19679 viewed December 11, 2013.
"November 2013."
Description: 1 online resource (31 pages).
Series Title: Working paper series (National Bureau of Economic Research), no. 19679.
Responsibility: Ajay Agrawal, Iain Cockburn, Laurina Zhang.

Abstract:

Using novel survey data on technology licensing, we report the first empirical evidence linking the three main sources of failure emphasized in the market design literature (lack of market thickness, congestion, lack of market safety) to deal outcomes. We disaggregate the licensing process into three stages and find that although lack of market thickness and deal failure are correlated in the first stage, they are not in the latter stages, underscoring the bilateral monopoly conditions under which negotiations over intellectual property often occur. In contrast, market safety is only salient in the final stage. Several commonly referenced bargaining frictions (congestion) are salient, particularly in the second stage. Also, universities and firms differ in the stage during which they are most likely to experience deal failure.

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