'Successes' and 'Failures' in the Markets for Technology
分析技术贸易中的交易成本如何影响市场失灵，指出降低交易成本可改善研发重复、公共品外部性和下游定价扭曲，但也会引发新技术定价偏离边际成本等新问题。
Market‐mediated contracts for technology trade are bound by several transaction costs. This paper argues that as these transaction costs become less severe, markets for technology can help improve three market failures: (i) R&D duplications; (ii) externalities in potentially public R&D outcomes; and (iii) deviations from marginal cost pricing in the downstream product markets. In addition, with larger markets of potential users, the technology suppliers will have incentives to produce more 'general' technologies which span a wider number of firms or industries. Markets for technology also produce new failures. In particular, they induce deviation from marginal cost pricing in the sale of the technology, and they generate externalities associated with complementary R&D and other investments made by the independent buyers and suppliers that operate in them. The paper concludes by discussing policy implications.