GRANTS Each spring, the Batten Institute solicits grant proposals from faculty members of the University of Virginia who are conducting rigorous and relevant research about
SELECT FELLOWS 2000-2012 JOEL BROCKNER The Implications of Crisis
entrepreneurship and innovation that results in high-
Management for Corporate
impact intellectual outputs consistent with the missions
Change
of the Darden School and the University.
CLAIR BROWN
For a complete list of the 2011-12 grant recipients and information about applying to the program, please visit www.batteninstitute.org
Innovation, Creativity, and
Innovation Dynamics in the Electronics Sector
JOHN SEELY BROWN Learning in the Innovation
PROFILE OF A 2011-12 RESEARCH GRANT PROGRAM PROJECT
Process
Project: Experimental Tests of Creativity and Incentives in Intellectual Property
GERD GIGERENZER
Principal: Christopher Sprigman, University of Virginia School of Law
Consumer Responses to
Co-applicant: Christopher J. Buccafusco, Chicago-Kent College of Law Christopher Sprigman and Christopher Buccafusco are gaining insights into the behaviors and motivations of buyers and sellers as they value, license,
Product Innovation
ROGER GORDON Corporate Taxation
and sell intellectual property. The fundamental issue is that buyers and
LUTZ HILDEBRANDT
sellers are not as aligned as rational choice theory — on which U.S. IP law
Driving Innovation Through
is based — suggests. Indeed, parties to IP transactions do not necessarily
Marketing and R&D Synergies
make wealth-maximizing decisions; they are not driven solely by the prospect of financial gain. The result is an inefficient market in which buyers and sellers are so far apart that negotiations between them are time-consuming, costly, and sometimes unsuccessful. Sprigman and Buccafusco began their
MICHAEL JENSEN The Agency Costs of Overvalued Equity
exploration of IP transactions in 2008 with experimental studies of the
HENRY MINTZBERG
“endowment effect”: the tendency of people to overvalue what they own. The
Designing Strategy, Designing
researchers were the first to test the effect for IP that people had created
Global Management Education
rather than property they merely owned. In the most recent phase of their work, Sprigman and Buccafusco tested whether nonfinancial incentives — publication and attribution — mitigate the creativity effect.
HOWARD STEVENSON Insights on Global Entrepreneurship: Education, Policy, and Practice
For more on their project, visit www.batteninstitute.org and use the search term “inefficient market.”
BATTEN INSTITUTE
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