Contracting for the unknown and the logic of innovation
| Autor: | Anna Grandori, Marco Furlotti |
|---|---|
| Jazyk: | angličtina |
| Rok vydání: | 2019 |
| Předmět: |
CONTRACTS
INNOVATION Strategy and Management Corporate governance 05 social sciences Decision rule Decision rights International database CONTRACTS INNOVATION DESIGN DISCOVERY DESIGN Argument Property rights DISCOVERY 0502 economics and business 050211 marketing Business Business and International Management Decision process 050203 business & management Microfoundations Law and economics |
| ISSN: | 1740-4754 |
| Popis: | This paper discusses the components of contracts adequatefor governing innovation, and their microfoundations in the logic of innovative decision processes. Drawing on models of discovery and design processes, distinctive logical features of innovative decision making are specified and connected to features of contracts that can sustain innovation processes and do not fail under radical uncertainty. It is argued that if new knowledge is to be generated under uncertainty and risk, 'relational contracts', as usually intended, are not enough and a more robust type of contracting is needed and it is actually often used: formal constitutional contracts that associate resources, leave their uses rationally unspecified, but exhaustively specify the assignment of residual decision rights and other property rights, and the decision rules to be followed in governance. The argument is supported by an analysis of a large international database on the governance of multi-party projects in discovery-intensive and design-intensive industries. |
| Databáze: | OpenAIRE |
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