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The Rate and Direction of Inventive Activity Revisited$
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Josh Lerner and Scott Stern

Print publication date: 2012

Print ISBN-13: 9780226473031

Published to Chicago Scholarship Online: February 2013

DOI: 10.7208/chicago/9780226473062.001.0001

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Funding Scientific Knowledge: Selection, Disclosure, and the Public-Private Portfolio

Funding Scientific Knowledge: Selection, Disclosure, and the Public-Private Portfolio

Chapter:
(p.51) 1 Funding Scientific Knowledge: Selection, Disclosure, and the Public-Private Portfolio
Source:
The Rate and Direction of Inventive Activity Revisited
Author(s):

Joshua S. Gans

Fiona Murray

Publisher:
University of Chicago Press
DOI:10.7208/chicago/9780226473062.003.0005

This chapter takes a conceptual look at the issues associated with funding academic research. It begins with a paradox: when agencies funding scientific research emphasize basic research over translational projects, they are criticized for their impracticality, but when they emphasize near-term mission-oriented R&D projects, they are criticized for crowding out what industry would have done otherwise and backing redundant efforts. A model in which the supply of and demand for public funds plays out in a world where private funding sources also exist is presented. The choices regarding funding sources—and the impact of publicly imposed requirements around disclosure—will vary not only with the scientific merit of the research proposal, but also with the immediacy of its applicability to commercial uses. The chapter gives a fresh insight into the subtle ways that public and private funding interact, and the role that government policy (e.g., mandating openness) plays in shaping the production and use of knowledge.

Keywords:   scientific research, private funding, research proposal, public–private portfolio, funding

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