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Related Experiment Videos

The challenge of contracting for technological information

R Zeckhauser1

  • 1John F. Kennedy School of Government, Harvard University, Cambridge, MA 02138, USA.

Proceedings of the National Academy of Sciences of the United States of America
|November 12, 1996
PubMed
Summary
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Technological information (TI) contracting is challenging due to valuation difficulties and intellectual property issues. New organizational networks are crucial for overcoming these barriers and facilitating TI production and dissemination.

Area of Science:

  • Economics of Innovation
  • Intellectual Property Management
  • Organizational Studies

Background:

  • Contracting for technological information (TI) presents unique and significant challenges.
  • Traditional valuation metrics (e.g., patents, citations) are often inadequate for assessing TI's true worth.
  • The inherent nature of TI makes it difficult to quantify, value, and exchange efficiently.

Purpose of the Study:

  • To identify and analyze the key challenges in contracting for technological information.
  • To explore the implications of these challenges on TI production and dissemination.
  • To investigate the role of organizational structures and relationships in overcoming contracting barriers.

Main Methods:

  • Qualitative analysis of the characteristics of technological information as a commodity.

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  • Examination of existing contracting mechanisms and their limitations.
  • Exploration of the role of organizational networks and new forms in facilitating TI exchange.

    • Main Results:

    • TI is difficult to value, often requires revealing proprietary information for assessment, and is frequently bundled, hindering efficient raw information exchange.
    • Information asymmetry between buyers and sellers creates market inefficiencies and buyer wariness.
    • Patents are often insufficient for protecting novel TI, leading to fuzzy property rights and encouraging self-reliance in production.

    Conclusions:

    • Contracting difficulties significantly impact TI production, favoring self-reliance but paradoxically seeing higher investment from smaller firms and universities.
    • Networks of relationships, including university-industry partnerships and venture capital, are critical for TI transmission.
    • Emerging organizational forms and informal networks offer promising solutions for navigating the complexities of TI contracting and exchange.