Step by step. The benefits of stage-based R&D licensing contracts
作者: Pascale CramaBert De ReyckZeger Degraeve
作者单位: 1Lee Kong Chian School of Business, Singapore Management University, 50 Stamford Road, Singapore 178899, Singapore
2Department of Management Science & Innovation, University College London, Gower Street, London WC1E 6BT, United Kingdom
3Melbourne Business School, 200 Leicester Street, Carlton, Vic 3053, Melbourne, Australia
4Department of Management Science & Operations, London Business School, Regent’s Park, London NW1 4SA, United Kingdom
刊名: European Journal of Operational Research, 2013, Vol.224 (3), pp.572-582
来源数据库: Elsevier Journal
DOI: 10.1016/j.ejor.2012.09.014
关键词: Research and developmentInnovationContract designAsymmetric informationIndustriesPharmaceutical
原始语种摘要: Abstract(#br)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 nature typical of such projects, and compare single-phase and multi-phase contracts. We determine the optimal values for the upfront payment, milestone payments and royalties, and the optimal timing for outlicensing. Including multiple milestones and accompanying payments can be an effective way of discriminating between licensees holding different valuations, without having to manipulate the royalty rate, which induces licensees to invest less, resulting in lower project values and...
全文获取路径: Elsevier  (合作)
影响因子:2.038 (2012)

  • licensing 发给许可证
  • benefits 津贴费
  • development 开发
  • information 报告
  • design 设计
  • based 基于
  • stage