The new economics of the university: a knowledge governance approach |
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Authors: | Cristiano Antonelli |
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Institution: | (1) Laboratorio Di Economia Dell’innovazione, Dipartimento Di Economia, Universita’ Di Torino, Torino, Italy |
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Abstract: | University is becoming a cornerstone of the new emerging mode of governance of the generation and dissemination of knowledge
as it reveals remarkable institutional advantages both in providing a solution to the knowledge trade-off and in reducing
agency costs. The typical academic labor relationship emerges as an appropriate institutional device to handle the principal-agent
problems when creative talents are required. The unique quasi-hierarchical setup of the academic system creates a supply of
certified skills that are ready to operate on a professional basis. Such academic consultants can be paid on an ex-post per
job basis matching only their variable costs. This supply leads to the creation of a specific market for research services
where the demand is provided by the knowledge outsourcing of corporations. For this system to work effectively the non-exclusivity
of intellectual property rights on the results of the research performed under contract is necessary. Non-exclusivity in academic
employment relations should parallel non-exclusivity in knowledge ownership.
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Keywords: | Economics of information Economics of knowledge Knowledge governance Principal-agent University Markets for knowledge |
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