Shirking, sharing risk and shelving: The role of university license contracts
E Dechenaux, M Thursby, J Thursby - International Journal of Industrial …, 2009 - Elsevier
In this paper, we develop a theoretical model of university licensing to explain why university
license contracts often include payment types that differ from the fixed fees and royalties
typically examined by economists. Our findings suggest that milestone payments and annual
payments are common because moral hazard, risk sharing, and adverse selection all play a
role when embryonic inventions are licensed. Milestones address inventor moral hazard
without the inefficiency inherent in royalties. The potential for a licensee to shelve inventions …
license contracts often include payment types that differ from the fixed fees and royalties
typically examined by economists. Our findings suggest that milestone payments and annual
payments are common because moral hazard, risk sharing, and adverse selection all play a
role when embryonic inventions are licensed. Milestones address inventor moral hazard
without the inefficiency inherent in royalties. The potential for a licensee to shelve inventions …
Shirking, sharing risk, and shelving: the role of university license contracts
MC Thursby, J Thursby, E Dechenaux - 2005 - nber.org
In this paper, we develop a theoretical model of university licensing to explain why university
license contracts often include payment types that differ from the fixed fees and royalties
typically examined by economists. Our findings suggest that milestone payments and annual
payments are common because moral hazard, risk sharing, and adverse selection all play a
role when embryonic inventions are licensed. Milestones address inventor moral hazard
without the inefficiency inherent in royalties. The potential for a licensee to shelve inventions …
license contracts often include payment types that differ from the fixed fees and royalties
typically examined by economists. Our findings suggest that milestone payments and annual
payments are common because moral hazard, risk sharing, and adverse selection all play a
role when embryonic inventions are licensed. Milestones address inventor moral hazard
without the inefficiency inherent in royalties. The potential for a licensee to shelve inventions …
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