Direct evidence has been lacking on entrepreneurs’ response to individual-specific opportunities, and recent work suggests that entrepreneurship may be a non-profit-seeking activity and that entrepreneurs evaluate risk oddly. We model heterogeneous inventors and inventions, outside opportunities, sunk and non-sunk costs, and risk, to guide data analysis. We use assessment data from a center pai...

Using a new dataset encompassing more than 2,000 inventions made by Max Planck Society researchers from 1980 to 2004, we study the effects of information asymmetry and imperfect knowledge transfer on the licensing and successful commercialization of technologies from public research, distinguishing among types of licensees as well as invention and inventor characteristics. Technologies licensed...

Using a new dataset encompassing more than 2,000 inventions made by Max Planck Society researchers from 1980 to 2004, we study the effects of information asymmetry and imperfect knowledge transfer on the licensing and successful commercialization of technologies from public research, distinguishing among types of licensees as well as invention and inventor characteristics. Technologies licensed...