The process of innovation is driven by two main factors: new inventions and institutions supporting the transformation of inventions into marketable innovations. This paper proposes a new institution, called a semi-public competition, that has been neglected by the economic literature but exists...

We recommend that an auction market replace the current system for submitting academic papers and show a strict Pareto-improvement of equilibrium. Besides the benefits of speed, this mechanmism increases the average quality of articles and journals and rewards editors and referees for their...

We analyze the implications of the governance structure in academic faculties for their recruitment decisions when competing for new researchers. The value to individual members through social interaction within the faculty depends on the average status of their fellow members. In recruitment...