This article studies the determinants of commercialization strategy for start-up innovators. We examine whether the returns on innovation are earned through product market competition or through cooperation with established firms (through licensing, alliances, or acquisition). Our hypotheses are...

We analyze vertical integration to compare outcomes under upstream competition and monopoly. This is done in a model based on the property rights approach to firm boundaries and where multilateral negotiations are modelled using a fully specified, noncooperative bargaining game. We demonstrate...

The prevailing theory of the firm demonstrates that ownership by dispensable, outside parties is inefficient relative to ownership by productive agents. To better understand observed patterns of ownership, I analyze markets for ownership, demonstrating that outside parties will often become...