With cumulative innovation and imperfect information about the value of innovations, intellectual property rights can result in hold-up and therefore it may be better not to have them. Extending the basic cumulative innovation model to include 'sampling' by second-stage firms, we find that the...

The paper deals with the policies for an idealized transition of a National System of Innovation (NSI) from a system reflecting a relatively closed industrializing economy to an NSI which reflects the conditions of a well-developed "Information Society" and "Learning Economy". The analysis of...