The Institute for Mathematical Behavioral Sciences Colloquium Series presents
“Forward Markets to Spur Innovation”
with Linda Cohen and Amihai Glazer, Economics Professors, UC Irvine
Thursday, April 10
Social Science Plaza A, Room 2112
This talk covers a mechanism inducing costly research and innovation in the absence of intellectual property rights. The mechanism relies on forward contracting between the provider of the innovation and firms or individuals that benefit from the pecuniary effects of the innovation, rather than from its direct use. Applied to innovation as a non-discrete public good, the mechanism resolves time consistency, agency, and free-riding problems, and provides an incentive for ex post efficient pricing.
For further information, please contact Joanna Kerner, 949-824-8651 or email@example.com.