A unifying theme in the literature on organizations such as public bureaucracies and private non-profits is the importance of missions, as opposed to profit, as an organizational goal. Such mission-oriented organizations are frequently staffed by motivated agents who subscribe to the mission....

We view a contract as a list of outcomes. Ex ante, the parties commit not to consider outcomes not on the list, i.e., these are quot;ruled outquot;. Ex post, they freely bargain over outcomes on the list, i.e., the contract specifies no mechanism to structure their choice; in this sense outcomes...

This paper introduces two complementary models of firm-specific training: an informational model and a productivity-enhancement model. In both models, market provision of firm-specific training is inefficient. However, the nature of the inefficiency depends on the balance between the two key...

Interactions between economic development and financial development are studied by looking at the roles of financial institutions in selecting Ramp;D projects (including for both imitation and innovation). Financial development is regarded as the evolution of the financing regimes. The...

Public provision of private goods such as education is usually viewed as a form of redistribution in kind. However, does it arise when income redistribution is feasible as well? In this paper I analyse a two-dimensional model of political decision making. Society has to choose both the tax rate...

The conventional wisdom classifies technologies into dichotomous types, such as competence-enhancing versus competence-destroying or sustaining versus disruptive. This categorization corresponds to the two routes of technology evolution: either consolidating or destabilizing past achievements....

Patent valuations as reflected by patent sale price and licensing royalty rate have been frequently discussed and sometimes hotly debated in mass media, expert analysis, and scholastic research. However, there have been no studies to examine the relationship, or the lack thereof, between such...

This article expands the analysis about patent valuations in patent transaction and licensing markets, by including patent damage awards and by exploring the dynamics, as well as the driving forces behind the dynamics, of the valuations across the markets of patent transaction, licensing, and...

The purpose of this study is to present a unique database on commercialized patents and to illustrate how it can be used to analyze the commercialization process of patents. The dataset is based on a survey of Swedish patents owned by inventors and small firms with a remarkably high response...

Patent settlements between rivals restrain competition in many different ways. Antitrust requires them to be "proportional" in that their anti-competitive effects are commensurate with the firms' expectations about (counterfactual) patent litigation. Because these expectations are private and...