Within the open innovation paradigm, firms need to operate
efficiently in markets for technology. This book presents original
research on technology transactions, market intermediaries and,
specifically, the role of auctions as a novel transaction model for
patented technologies. Frank Tietze delivers an in-depth discussion
of the impact of empirical results upon transaction cost theory,
and in so doing, provides the means for better understanding
technology transaction processes in general, and auctions in
particular. Substantiating transaction cost theory with empirical
auction data, the author goes on to explore how governance
structures need to be designed for effective distributed innovation
processes. He concludes that the auction mechanism is a viable
transaction model, and illustrates that the auction design, as
currently operated by market intermediaries, requires thorough
adjustments. Various options for possible improvements are
subsequently prescribed. The theoretical facets of this book will
strongly appeal to business economists, while its practical
implications will provide an illuminating read for both academics
and practitioners in the fields of innovation and intellectual
property. Revealing empirically substantiated technology prices,
this book will also prove to be of great interest to policy makers
for further developing the markets for technology.
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