Inducement Prizes and Innovation

Liam Brunt · Josh Lerner · Tom Nicholas

162 citations0/0 files storedJournal of Industrial Economics

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Intellectual Property and Patents Firm Innovation and Growth Innovation Policy and R&D

Abstract

We examine the effect of prizes on innovation using data on awards for technological development offered by the Royal Agricultural Society of England at annual competitions between 1839 and 1939. We find large effects of the prizes on competitive entry and we also detect an impact of the prizes on the quality of contemporaneous patents, especially when prize categories were set by a strict rotation scheme, thereby mitigating the potentially confounding effect that they targeted only “hot” technology sectors. Prizes encouraged competition and medals were more important than monetary awards. The boost to innovation we observe cannot be explained by the re-direction of existing inventive activity.

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References

1990Patent Statistics as Economic Indicators: A Survey 1981Rank-Order Tournaments as Optimum Labor Contracts 2005Market value and patent citations 1966Invention and Economic Growth 2000Protecting Their Intellectual Assets: Appropriability Conditions and Why U.S. Manufacturing Firms Patent (or Not)2000Market Value and Patent Citations: A First Look 2008Against Intellectual Monopoly 1986Estimates of the Value of Patent Rights in European Countries During the Post-1950 Period

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2015Awards: A strategic management perspective 2010The role of markets and policies in delivering innovation for climate change mitigation 2015Necessity Is the Mother of Invention: Input Supplies and Directed Technical Change 2012Grand Innovation Prizes: A theoretical, normative, and empirical evaluation 2021Breakthrough innovations and where to find them 2016Performance responses to competition across skill levels in rank‐order tournaments: field evidence and implications for tournament design

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