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, whilst 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.
Frank Tietze, Secretary General, European Institute of Technology and Innovation Management and University of Cambridge, UK
Contents: Foreword Part I: Setting the Scene 1. Introduction 2. Research Methodology Part II: Technology Transactions and Auctions 3. A Firm Perspective on Technology Transactions 4. Technology Market Intermediaries 5. Auctions for Technology Transactions 6. Technology Properties 7. Transaction Cost Theory Part III: An Empirical Study of Technology Auctions 8. Methodological Approaches 9. Auction Governance Structures 10. Analysis of Auctioned Technologies 11. Discussion of Results 12. Conclusions, Implications, and Research Recommendations Annexes References Index