Biological invasions are classical examples of externalities. The risks and damages from biological invasions are endogenous, depending on how society protects itself from invasions, and how it reacts to them after they occur. This paper analyzes a dynamic model in which society can undertake a...

This paper empirically examines commercialization of university faculty inventions through startup firms from 1994 through 2008. Using data from the Association of University Technology Managers and the 2010 NRC doctoral rankings, our research reveals several findings. We find that university...

Maximizing the production of ecosystem services is a necessity for resource management particularly when increasing the provision of one service decreases the provision of another. In these instances, it is important to estimate the value of ecosystem services to efficiently distribute...

This paper analyzes innovation adoption when uncertainty about its profitability cannot be resolved immediately. Firms begin with a common estimate of the probability of high demand. If any adopts, all observe realized demand. An increase in the initial estimate can decrease the equilibrium...

We extend the literature on life cycle behavior of faculty researchers by assuming two knowledge stocks, scientific (free to all) and patentable (appropriable). Faculty derive utility from research effort, leisure, prestige in knowledge accumulation, and income. Faculty with a strong preference...

This paper presents a theoretical model of faculty consulting in the context of government and industry funding for research within the university, which then frames an empirical analysis of the funding and consulting of 458 individual faculty inventors from 8 major US universities. In the...