Academic freedom, private‐sector focus, and the process of innovation
构建模型比较学术研究与私营部门研究的优劣，强调学术自由作为预承诺机制对早期研究不可或缺，而私营部门在后期研究中更具优势。
We develop a model that clarifies the respective advantages and disadvantages of academic and private‐sector research. Rather than relying on lack of appropriability or spillovers to generate a rationale for academic research, we emphasize control‐rights considerations, and argue that the fundamental tradeoff between academia and the private sector is one of creative control versus focus. By serving as a precommitment mechanism that allows scientists to freely pursue their own interests, academia can be indispensable for early‐stage research. At the same time, the private sector's ability to direct scientists toward higher‐payoff activities makes it more attractive for later‐stage research.