Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/37502
Authors: 
Prüfer, Jens
Year of Publication: 
2010
Series/Report no.: 
Beiträge zur Jahrestagung des Vereins für Socialpolitik 2010: Ökonomie der Familie - Session: Information and Contests D16-V1
Abstract: 
The process of innovation is driven by two main factors: new inventions and institutions supporting the transformation of inventions into marketable innovations. This paper proposes a new institution, called a semi-public competition, that has been neglected by the economic literature but exists frequently in practice. I show how semi-public competitions can mitigate a dilemma that arises at an early stage of innovative activity and specify the conditions under which a semi-public competition can increase welfare. The results suggest that governments promote knowledge about the semi-public competition mechanism but refrain from direct public funding of competitions.
Subjects: 
Innovation
Organized Competitions
Entrepreneurs
Institutional Design
Business Plan Competitions
Auctions
JEL: 
D02
L10
O31
Document Type: 
Conference Paper

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