The Social Value of New Technology
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The Social Value of New Technology

Edited by Albert N. Link and John T. Scott

New technologies, with their practical contributions, provide social value. The chapters in this volume view this social value from a program evaluation perspective, and the focus of the evaluations is the generation of new technology funded by public sector agencies. The authors provide important background on methodology and application and show that it is relevant not only to the established scholars and practitioners, but also to students.
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Chapter 6: FINANCING AND LEVERAGING PUBLIC/PRIVATE PARTNERSHIPS: THE HURDLE-LOWERING AUCTION

John T. Scott

Abstract

The purpose of this article is to propose a mechanism – the hurdle-lowering auction – for leveraging the public funds invested in public/private partnerships to promote technology. The article addresses financial engineering – the optimal amount and design of public funding of privately performed investments in technology and innovation carried out by public/private partnerships. Public/private partnerships are joint research ventures combining public and private resources to invest in the research and development of technology and innovations. Thus, financial engineering concerns the design of mechanisms for public funding of public/private partnerships that generate the maximum leverage of the public funds on the private investment and performance. By maximum leverage of public funding, is meant maximum effectiveness of the funds in ensuring the use of the least amount of public funds to get the desired results and ensuring the necessary incentives to get those results given the appropriate amount of public funding.

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