Technology Market Transactions

Technology Market Transactions

Auctions, Intermediaries and Innovation

Frank Tietze

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.

Annexes

Frank Tietze

Subjects: economics and finance, economics of innovation, intellectual property, innovation and technology, economics of innovation, intellectual property, technology and ict

Extract

ANNEX I - EVOLUTION OF TMI This data was collected by means of a pyramiding exercise by experts from the TMI community. I cannot confirm this sample’s completeness, since the firms are so widely spread across the globe, the majority is small, and the market is currently subject to a strong dynamic and fluctuation. However, it could be claimed that the sample includes the most important firms and covers at least 80 to 90 per cent of the firms up to December 2006. Further details on the sampling procedure can be found in Tietze and Barreto (2007). Foundation year Newly founded TMIs annually 1948 1968 1972 1975 1982 1984 1985 1989 1990 1992 1994 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 Total 1 1 1 1 1 3 1 5 4 4 1 3 2 6 1 3 8 4 4 3 1 2 60 Accumulated 1 2 3 4 5 8 9 14 18 22 23 26 28 34 35 38 46 50 54 57 58 60 Growth ratio to y-1 na 100.00% 50.00% 33.33% 25.00% 60.00% 12.50% 55.56% 28.57% 22.22% 4.55% 13.04% 7.69% 21.43% 2.94% 8.57% 21.05% 8.70% 8.00% 5.56% 1.75% 3.45% 23.52% 1 2 12 2 1 1 2 1 1 1 Non- US US based Share of US based based 1 1 1 0 1 3 1 3 3 3 1 2 2 5 1 3 6 4 4 3 0 0 48 100.00% 100.00% 100.00% 0.00% 100.00% 100.00% 100.00% 60.00% 75.00%...

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