Science and the Market for Technology

• 成果类型: Article
• 署名作者: Arora, Ashish; Belenzon, Sharon; Suh, Jungkyu
• 署名单位: Duke University; National Bureau of Economic Research
• 刊物名称: MANAGEMENT SCIENCE
• ISSN/ISSBN: 0025-1909
• DOI: 10.1287/mnsc.2021.4268
• 发表日期: 2022
• 页码: 7176-7201
• 关键词: science; market for technology; INNOVATION; science-based entrepreneurship

摘要

Well-functioning markets for technology (MFT) allow inventors to sell their inventions to others that may derive more value from them. We argue that the growing use of science in inventions enhances MFT. Science-based inventions have higher gains from trade and lower transaction costs. This relationship is amplified in equilibrium because science-based inventions are also likely to feature smaller inventors with a greater propensity to trade. Using large-scale data, we show that patents citing science are more likely to be traded, especially for novel patents and for smaller inventors. We conclude that the growing use of science in invention is beneficial by encouraging the expansion of MFT and supporting a division of innovative labor.