Efficient markets for technology are essential for innovative industries. A determinant of their efficiency hitherto neglected is the separation in the licensing process of technical knowledge from the intellectual property rights that cover it. I study this question in the context of the...

Profiting from technological innovation requires both the development of new products and the capture or appropriation of profits from them. For new product development, the interplay of marketing and R&D has been intensively researched. In contrast, on the issue of capturing value it has been...