We extend theory on private–collective innovation by studying the role of exclusion rights for technology in the competition between private–collective and other innovators. We argue that private–collective innovators both pledge their own and invest in orphan exclusion rights for...

Using a newly constructed panel dataset of German enterprises, I estimate R&D and capital investment equations for the time period from 1990 to 1994. Simple accelerator specifications indicate considerable sensitivity of R&D and investment to cash flow for relatively small firms. Much of this...