• Jeremy Stein


Academic Freedom, Private-Sector Focus, and the Process of Innovation. Jeremy Stein, Philippe Aghion, September 16, 2008, Paper. "We develop a model that clarifies the respective advantages and disadvantages of academic and private-sector research. Rather than relying on lack of appropriability or spillovers to generate a rationale for academic research, we emphasize control-rights considerations, and argue that the fundamental tradeoff between academia and the private sector is one of creative control versus focus. By serving as a precommitment mechanism that allows scientists to freely pursue their own interests..." Link