NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Laurina Zhang

Scheller College of Business
Georgia Institute of Technology
800 West Peachtree Street NW
Atlanta, GA 30308

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NBER Working Papers and Publications

November 2013Deals Not Done: Sources of Failure in the Market for Ideas
with Ajay Agrawal, Iain Cockburn: w19679
Using novel survey data on technology licensing, we report the first empirical evidence linking the three main sources of failure emphasized in the market design literature (lack of market thickness, congestion, lack of market safety) to deal outcomes. We disaggregate the licensing process into three stages and find that although lack of market thickness and deal failure are correlated in the first stage, they are not in the latter stages, underscoring the bilateral monopoly conditions under which negotiations over intellectual property often occur. In contrast, market safety is only salient in the final stage. Several commonly referenced bargaining frictions (congestion) are salient, particularly in the second stage. Also, universities and firms differ in the stage during which they a...

Published: Ajay Agrawal & Iain Cockburn & Laurina Zhang, 2015. "Deals not done: Sources of failure in the market for ideas," Strategic Management Journal, Wiley Blackwell, vol. 36(7), pages 976-986, 07. citation courtesy of

 
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