Step by step: The benefits of stage-based R&D licensing contracts

• المؤلفون الرئيسيون: Crama, Pascale, DE REYCK, Bert, Degraeve, Zeger
• التنسيق: text
• اللغة: English
• منشور في: Institutional Knowledge at Singapore Management University 2013
• الموضوعات: Research and development; Innovation; Contract design; Asymmetric information; Industries; Pharmaceutical; Operations and Supply Chain Management; Technology and Innovation
• الوصول للمادة أونلاين: https://ink.library.smu.edu.sg/lkcsb_research/3228; https://ink.library.smu.edu.sg/context/lkcsb_research/article/4227/viewcontent/Crama2013EJORStepbyStep_AFV.pdf

We examine how a licensor can optimally design licensing contracts for multi-phase R&D projects when he does not know the licensee’s project valuation, leading to adverse selection, and cannot enforce the licensee’s effort level, resulting in moral hazard. We focus on the effect of the phased na...