It's a gas! The Nobel Memorial Prize in Economics

It's a gas! The Nobel Memorial Prize in Economics - welcome to our blog Techno Live, now we will discuss information about the It's a gas! The Nobel Memorial Prize in Economics, our admins on this blog has been around to collect information you are looking for so that we usakan to display complete information for you, and in this blog, you can also search for other information, ok please continue reading may be easily understood:

This is about : It's a gas! The Nobel Memorial Prize in Economics
And this article : It's a gas! The Nobel Memorial Prize in Economics
Article contract, Article Katonomics, Article prize,

You can also see our article on:


It's a gas! The Nobel Memorial Prize in Economics

Scientific Cat-nundrums
This week, contracts won a Nobel prize. Or rather, economists Oliver Hart and Bengt Holmström were awarded the Nobel prize in economics for their work on contracts. Their studies have enhanced our understanding of incentives by examining how contracts affect relationships between employers, employees, societies and governments.  The application of incentives to IP is broad - the innovation/social contract approach to IP, patents as performance indicators in employment contracts, and, the bread-and-butter of IP, licensing contracts.

Eyes on the Prize
First of all, a bit of background. If you are an economist who supports the selection, i.e. that the winning economist's work supports your own work, then you must praise the Nobel committee's choice and the prestige of the prize. If you are not, then you must highlight that the economics prize is not a true Nobel prize, as it is comes from the Swedish National Bank, and therefore is not particularly impressive. Either way, one must be careful not to be too enthusiastic about a fellow economist's success, lest it be taken for indication of an emotional imbalance.

Second of all, some tips if you, dear reader, are interested in winning said prize. First of all, start early and live long so that your genius has time to be recognised. Second of all, be male. Only one woman, Elinor Ostrom, has received the prize. Third, make sure you are somehow Western, and ideally American. Fourth, become at expert at posing for photos in front of books. Finally, surprisingly, remember you don't actually have to be an economist to win; John Nash, who had the gall to be a mathematician, won in 1994.  Things really are going to pot.

Contract theories
Hart and Holmström have won the prize because their names both start with H they developed complementary contract theories. Holmström began by studying trade-offs in contracts. The classic illustration is insurance, which combines both information asymmetry, where parties in a contract do not have the same information, and moral hazard, where a party may engage in riskier behaviour because the risk is shared. For example, a health insurer has less information about the insured's lifestyle than the insured.  [Merpel's insurer doesn't know how much catnip she consumes.] Once insured, the insured shares potential costs with the insurer, and will engage in riskier behaviour. [Merpel has taken up parkour, because she won't have to pay for the hospital bills.]

Hart built further on this theory by examining the incompleteness of contracts. No contract can possibly foresee every outcome and consequence of incentives. He argued that property rights help mitigate this, as they place the burden of decision making on those with the property - and hence those with a stake in the unforeseen outcomes. Hart's recent work on prisons illustrates this; summarised by The Economist: "In publicly owned prisons, managers might underinvest in quality-improving measures, but private owners face too strong an incentive to cut costs, leading to conditions for prisoners that are worse than those in public prisons." These incentives apply to most government services.  A privatised patent-granting body would have different incentives than a public body (think of those renewal fee$!)

Contracts and IP
Readers of Katonomics will be familiar with economists' focus on the incentives-to-innovate theory of IP. This is often known as the Social Contract (covered previously here), in which IP is a contract between innovators and society; the monopoly protection of IP provides a long-term incentive to innovate. Society cannot foresee (information asymmetry) the value of each potential innovation, so all innovators are granted the same level of protection. Assigning the property right to the innovator incentivises innovation as the innovator has a stake in the outcome and the IP system as a whole.

Trophies, by R. Oxley, CC
A goal of researcher employment contracts is to align firms' innovation needs with employee incentives. Patents are sometimes used as a metric of performance. There is a large body of economic analysis on the use of patents as a measure of innovation; the general conclusion of which is that patents measure patents, not innovation. More specifically, Harhoff and Hoisl (2007) examine German policies via a large survey, and find that, unsurprisingly, more valuable patents are associated with higher levels of employee compensation.  Baker (1992) models scientists' salaries as entirely dependent on the number of patents they produce (a problematic assumption.)  In his model, scientists are unduly incentivised to work on "easy" patents and therefore the employer reduces the per-patent payment to avoid overpaying. Japan has recently changed its approach to patents, making it easier for employers to own patents generated by employees.

Finally, licensing contracts enjoy a never-ending analysis of incentives and clauses. The primary job of lawyers negotiating and drafting such contracts is to align the incentives in the contract with the needs of the client.  While researching the biotech sector in 2007, I came across an interesting case. My interviewee had exclusively licensed a product on a royalty basis. The licensee instead marketed a competing product, leaving the licensor without royalties.  The contract had been used to eliminate competition from the market, and failed to align the parties' incentives. Another anecdote is the use by wealthy Multi-national Companies (MNC) of reversion clauses when partnering with companies in developing countries. The MNC engages in joint research and market expansion, then deliberately causes the project to fail in order to trigger the reversion clause. Both background and foreground IP, as per the contract, revert to the MNC. It's a cheap way to expand internationally.

I invite readers to tell their stories of the odd quirks of licensing contracts in the comments.  In the meantime, I'm off to work with Merpel on contract incentives of catnip producers. Fingers crossed for a Nobel!


Articles It's a gas! The Nobel Memorial Prize in Economics finished we discussed

A few of our information about the It's a gas! The Nobel Memorial Prize in Economics, I hope you can exploit carefully

No've You've finished reading an article on It's a gas! The Nobel Memorial Prize in Economics and many articles about modern home in our blog this, please read it. and url link of this article is https://liveeconcerts.blogspot.com/2016/10/it-gas-nobel-memorial-prize-in-economics.html Hopefully discussion articles on provide more knowledge about the world of tech gadgets.

Tag : , , ,

64 Responses to "It's a gas! The Nobel Memorial Prize in Economics"

  1. Thank you for awesome Article Mate. It if truth be told used to be an amusement account it. Also read: Download gbwhatsapp

    Yowhatsapp.

    ReplyDelete
  2. Mybpcreditcard is a very favored credit card for its customers because with its help the cardholder gets financial help.
    mybpcard

    ReplyDelete
  3. The article is nice very informative but i think you missed some points and if you love whatsapp mods then download gbwhatsapp apk here

    ReplyDelete
  4. This comment has been removed by the author.

    ReplyDelete
  5. If you’d love nothing more than to have the chance to play this groundbreaking game on your favorite Android devices (including smartphones and tablets), you’re going to need to get your hands on a proper GTA 5 APK.
    gta5apk

    ReplyDelete
  6. After the launching of the GTA San Andreas this game gains more popularity due to time killing the game. So we thought covering a detailed guide on how to download GTA San Andreas mod apk on your device.

    GTASAAPK

    ReplyDelete
  7. Tubemate YouTube downloader apk is an android application for downloading online videos. It is a great development for online video lovers. It is an application that is a must in your mobile. Its storage size is very less and hence can be installed in any device.

    ReplyDelete
  8. Today result of lottery Sambad will be announced at 11 AM in the morning, 4 PM in the noon and 8 PM night. A person who plays India’s most popular lottery always look for the today result of lottery Sambad to get result on time. This helps in so many different ways whether the person won the lucky draw or lost.

    ReplyDelete
  9. This is Very very nice article. Everyone should read. Thanks for sharing. Don't miss WORLD'S BEST CarGamesDownload

    ReplyDelete
  10. To listen latest podcast download Podcast addict Mac Podcast addict

    ReplyDelete
  11. Awesome and interesting article. Great things you've always shared with us. Thanks. Just continue composing this kind of post.
    www.caramembuatwebsiteku.com

    ReplyDelete
  12. Hi there, I enjoy reading all of your post. I wanted to write a little
    comment to support you. www.caramembuatwebsiteku.com

    ReplyDelete
  13. A person who plays India’s most popular lottery always look for the today result of lottery Sambad to get result on time. This helps in so many different ways whether the person won the lucky draw or lost.

    lottery sambad night
    lottery.sambad

    ReplyDelete
  14. Wonderful post. Keep it up good work. We are one of the best Mobile App Development Company in Gurgaon

    ReplyDelete
  15. Hey guyz, now you can easily download cracked version apk for any app, games or software from here:
    APKdodo snaptube Mobdro

    ReplyDelete
  16. Hey I hope this helps someone! You guyz can also look at JL Sprockets as Jue Lang is expanding itself globally after collaborating with DID Chains in China.
    Jue Lang manufactures sprockets, chains as well as many other things and sell its products across the world.
    Now JL Sprockets is giving its distributorship. Check it out on the website. Click on the above link.

    Thanks!

    ReplyDelete
  17. Lottery Sambad today result . you can click on the above link and download the Lottery Sambad Result. Available Result in Image (PNG, JPG Format) and PDF for Download purpose. Every body Get the Lottery Sambad Latest result at 11:55AM, 4:00 PM and 8:00 PM. Lottery Sambad Draw held 3 times a day once at 11:55 AM 2nd time 4:00 PM and 3rd Time 8:00PM in the evening. so you can view the lottery.sambad
    in the 3 times a day.

    ReplyDelete
  18. The post author is a great writer, this post is awesome to read, i also share this post to my friends, and book mark your website for daily visit, if you are intrested in lottery results then please visit our website where we publish daily lottery results of nagaland State Lottery West bengal State Lottery
    Dhankesari Nagaland State Lottery Morning West Bengal State Lottery Nagaland State Lottery

    ReplyDelete
  19. Thanks for sharing this blog with us. I got a wonderful idea from your blog. The topic you have chosen is really needed to learn. Interesting blog and keep blogging.
    Hearing aid centre in Chennai
    Audiologist in Chennai
    Hearing aid machine in Chennai
    Hearing Aid Shops in Chennai
    Siemens hearing aid dealers in Chennai
    Hearing aid price in Chennai

    ReplyDelete
  20. We have all known lottery results updated three times in a day first one is 11:55 AM, second one is at 4:00 PM and third one is 8:00 PM. It means that players can try their luck three times in a day. So, everyone can check their daily lottery Dhankesari results are updated in flash here exactly above side of this page. All the participant of Dhankesari lottery needs to stay active all times whenever results published.

    ReplyDelete
  21. Nagaland lottery is really amazing and people from different part of the world take a part in lottery results. Al those players who took a part in https://www.nagalandstatelottery.org draw now, they will be able to check their results at this platform.

    ReplyDelete
  22. Lottery Sambad result today . You can click on the above link and download the Lottery Sambad Result today. Available Result in Image (PNG, JPG Format) and PDF for Download purpose. Every body Get the Lottery Sambad Latest result at 11:55AM, 4:00 PM and 8:00 PM. Lottery Sambad Draw held 3 times a day once at 11:55 AM 2nd time 4:00 PM and 3rd Time 8:00PM in the evening. so you can view the lottery sambad
    nagaland state lottery
    lottery result
    dainik sambad
    lotterysambad
    nagaland state lotteries
    lottery result today
    today lottery result
    sambad epaper
    sikkim state lottery
    uttarbanga sambad
    sikkim state lotteries
    dhanteras
    lottery sambad
    nagaland state lottery in the 3 times a day.

    ReplyDelete
  23. Lottery Sambad result today . You can click on the above link and download the Lottery Sambad Result today. Available Result in Image (PNG, JPG Format) and PDF for Download purpose. Every body Get the Lottery Sambad Latest result at 11:55AM, 4:00 PM and 8:00 PM. Lottery Sambad Draw held 3 times a day once at 11:55 AM 2nd time 4:00 PM and 3rd Time 8:00PM in the evening. so you can view the lottery sambad
    nagaland state lottery
    lottery result
    dainik sambad
    lotterysambad
    nagaland state lotteries
    lottery result today
    today lottery result
    sambad epaper
    sikkim state lottery
    uttarbanga sambad
    sikkim state lotteries
    dhanteras
    lottery sambad
    nagaland state lottery in the 3 times a day.

    ReplyDelete
  24. Thankx for this information. if you want Best Thermometer Apps then visit our site.

    ReplyDelete
  25. Podcast Addict For PC is one of the most popular free podcast apps which lets you manage Podcasts, Audiobooks, Twitch, SoundCloud, Radio, Live stream, YouTube channels and RSS News feeds from a single app.

    ReplyDelete
  26. Thank you for sharing in this article
    I can learn a lot and could also be a reference
    I hope to read the next your article updates , go through below offers which is awesome

    Nykaa Coupons

    Dominos Coupons

    Goibibo Coupons

    Lenskart Coupons

    MacDelivery Coupons

    Pepperfry Coupons

    Zivame Coupons

    Swiggy Coupons

    ReplyDelete