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R&D as a Bazaar Economy

Bob Anderson
As the pace of technological innovation appears to accelerate, the management of research and development is increasingly being oriented to the provision of both business value and technological novelty. One device for focussing these issues as been the discussion of R&D as a marketplace. This paper proposes that such an approach could be illuminating, but not quite in the ways usually intended. Instead of treating R&D as some variant of a perfect market (and hence applying analytic tools deployed for apparently perfect markets such as "options pricing"), this paper outlines an analysis of R&D as a bazaar economy as that has been described in the literacture of comparative socio-economics. The key notions of clientelisation and bargaining are shown to be both valid and useful for understanding some of the forces at play in contemporary R&D.
Presented at: IEE Workshop on Competition and Innovation in the Information Society, held at IEE, London, 19th March, 1997. IEE Workshop on Competition and Innovation in the Information Society, held at IEE, London, 19th March 1997.
1998
1998-104