Spin-offs and the market for ideas:
We propose a theory of firm dynamics in which workers have ideas for new projects that can be sold in a market to existing firms or implemented in new firms: spin-offs. Workers have private information about the quality of their ideas. Because of an adverse selection problem, workers can sell their...
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| Main Authors: | , |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Cambridge, Mass.
National Bureau of Economic Research
2007
|
| Series: | Working paper series / National Bureau of Economic Research
13198 |
| Online Access: | Volltext |
| Summary: | We propose a theory of firm dynamics in which workers have ideas for new projects that can be sold in a market to existing firms or implemented in new firms: spin-offs. Workers have private information about the quality of their ideas. Because of an adverse selection problem, workers can sell their ideas to existing firms only at a price that is not contingent on their information. We show that the option to spin off in the future is valuable so only workers with very good ideas decide to spin off and set up a new firm. Since entrepreneurs of existing firms pay a price for the ideas sold in the market that implies zero expected profits for them, firms' project selection is independent of their size, which, under some assumptions, leads to scale-independent growth. The entry and growth process of firms in this economy leads to an invariant distribution that resembles the one in the US economy. |
| Item Description: | Literaturverz. S. 32 |
| Physical Description: | 36 S. graph. Darst. 22 cm |
Staff View
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| 520 | 8 | |a We propose a theory of firm dynamics in which workers have ideas for new projects that can be sold in a market to existing firms or implemented in new firms: spin-offs. Workers have private information about the quality of their ideas. Because of an adverse selection problem, workers can sell their ideas to existing firms only at a price that is not contingent on their information. We show that the option to spin off in the future is valuable so only workers with very good ideas decide to spin off and set up a new firm. Since entrepreneurs of existing firms pay a price for the ideas sold in the market that implies zero expected profits for them, firms' project selection is independent of their size, which, under some assumptions, leads to scale-independent growth. The entry and growth process of firms in this economy leads to an invariant distribution that resembles the one in the US economy. | |
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| index_date | 2024-07-02T22:41:31Z |
| indexdate | 2024-07-09T21:25:14Z |
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| spelling | Chatterjee, Satyajit Verfasser (DE-588)133477460 aut Spin-offs and the market for ideas Satyajit Chatterjee ; Esteban Rossi-Hansberg Cambridge, Mass. National Bureau of Economic Research 2007 36 S. graph. Darst. 22 cm txt rdacontent n rdamedia nc rdacarrier Working paper series / National Bureau of Economic Research 13198 Literaturverz. S. 32 We propose a theory of firm dynamics in which workers have ideas for new projects that can be sold in a market to existing firms or implemented in new firms: spin-offs. Workers have private information about the quality of their ideas. Because of an adverse selection problem, workers can sell their ideas to existing firms only at a price that is not contingent on their information. We show that the option to spin off in the future is valuable so only workers with very good ideas decide to spin off and set up a new firm. Since entrepreneurs of existing firms pay a price for the ideas sold in the market that implies zero expected profits for them, firms' project selection is independent of their size, which, under some assumptions, leads to scale-independent growth. The entry and growth process of firms in this economy leads to an invariant distribution that resembles the one in the US economy. Rossi-Hansberg, Esteban Verfasser (DE-588)130453269 aut Erscheint auch als Online-Ausgabe National Bureau of Economic Research <Cambridge, Mass.> NBER working paper series 13198 (DE-604)BV002801238 13198 http://papers.nber.org/papers/w13198.pdf kostenfrei Volltext |
| spellingShingle | Chatterjee, Satyajit Rossi-Hansberg, Esteban Spin-offs and the market for ideas |
| title | Spin-offs and the market for ideas |
| title_auth | Spin-offs and the market for ideas |
| title_exact_search | Spin-offs and the market for ideas |
| title_exact_search_txtP | Spin-offs and the market for ideas |
| title_full | Spin-offs and the market for ideas Satyajit Chatterjee ; Esteban Rossi-Hansberg |
| title_fullStr | Spin-offs and the market for ideas Satyajit Chatterjee ; Esteban Rossi-Hansberg |
| title_full_unstemmed | Spin-offs and the market for ideas Satyajit Chatterjee ; Esteban Rossi-Hansberg |
| title_short | Spin-offs and the market for ideas |
| title_sort | spin offs and the market for ideas |
| url | http://papers.nber.org/papers/w13198.pdf |
| volume_link | (DE-604)BV002801238 |
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