We consider innovation contests for the procurement of an innovation under moral hazard and adverse selection … random quality. Innovation quality is not contractible. We compare two procurement mechanisms -- a fixed prize and a first …

An innovative firm chooses strategically whether to patent its process innovation or rely on secrecy. By doing so, the … firm manages its rival’s beliefs about the size of the innovation, and affects the incentives in the product market …

The imperfect appropriability of revenues from innovation affects the incentives of firms to invest, and to disclose … information about their innovative productivity. It creates a free-rider effect in the competition for the innovation that … strategic disclosure for the firms.profits and the probability of innovation. …

There has been an explosion of innovation backed by venture capital since late 1970’s. Nonetheless, a great deal of … innovation still occurs within large companies. In this paper, I investigate the factors that determine when innovation is … executives. I find that if capital markets function perfectly, it is optimal for innovation to be conducted by venture …

There has been an explosion of innovation backed by venture capital since late 1970’s. Nonetheless, a great deal of … innovation still occurs within large companies. In this paper, I investigate the factors that determine when innovation is … executives. I find that if capital markets function perfectly, it is optimal for innovation to be conducted by venture …

We consider procurement of an innovation from heterogeneous sellers. Innovations are random but depend on unobservable … admission to an innovation contest. After the contest, an innovation is procured employing either a fixed prize or a first …

In innovation contests, the progress of the competing firms in the innovation process is usually their private … information. We analyze an innovation contest in which research firms have a stochastic technology to develop innovations at a …