Creating a “Market for Inventions”: A Referee Model


  • Gesualdo Grimaldi University of Catania



Errors, Ideas, Innovation, Invention, Knowledge, Technology Transfer.


This article considers that the flow of new not patented innovations is difficult to occur among firms, especially when some inventions are caused by serendipity. Here I develop a model to analyze the conditions for a “market for inventions” to exist. With the help of game theory in particular, I show that the creation of such a market is quite unlikely because unfair buyer’s behaviour and the possibility of expropriation of the new innovation renders the seller reluctant to negotiate with a potential buyer. So I argue for a solution that involves a third referenced party into the negotiation so that it can guarantee the flow of ideas among institutions and generate a surplus for the whole society.


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Author Biography

Gesualdo Grimaldi, University of Catania

department of economics and quantitative methods


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How to Cite

Grimaldi, G. (2008). Creating a “Market for Inventions”: A Referee Model. Journal of Technology Management & Innovation, 3(3), 33–44.



Research Articles