On the markets for technology (MfT) we currently observe a sizable growth, observe that firms still face immanent transaction obstacles and the emergence of technology market intermediaries (TMI). Why TMIs emerge and how they attempt to facilitate transactions however is not yet sufficiently understood. For these two questions we propose theoretical explanations within this paper building primarily on the arguments of Stigler (1951), North (1996) and Williamson (1979). Throughout this argumentation we combine the two related levels of analysis. We take into account the dynamics on market level and the micro level of the firm with regard to IP transactions in which firms are involved when pursuing open innovation. We argue that the growing MfT on the one hand and immanent transaction obstacles on the other hand create business opportunities for entrepreneurs to develop new transaction models (service innovations) offered by TMIs as a new type of market actor (organizational innovation) to support firms managing transactions. Following the notion of Stigler (1951) and North (1996), the emergence of TMIs as organizational innovation has an impact on the way how transactions were 'traditionally managed and thus creates an institutional change that leads to further division of labor on the MfT. Following Williamson (1979) we propose that new transaction models developed by TMIs aim to commoditize the traditionally idiosyncratic governance structures making transactions more economically. However, it remains to be seen which of the newly developed models will survive and deliver more economic transactions contributing to further developments towards efficient markets.

On the markets for technology (MfT) we currently observe a sizable growth, observe that firms still face immanent transaction obstacles and the emergence of technology market intermediaries (TMI). Why TMIs emerge and how they attempt to facilitate transactions however is not yet sufficiently understood.For these two questions we propose theoretical explanations within this paper building primarily on the arguments of Stigler (1951), North (1996) and Williamson (1979). Throughout this argumentation we combine the two related levels of analysis. We take into account the dynamics on market level and the micro level of the firm with regard to IP transactions in which firms are involved when pursuing open innovation.We argue that the growing MfT on the one hand and immanent transaction obstacles on the other hand create business opportunities for entrepreneurs to develop new transaction models (service innovations) offered by TMIs as a new type of market actor (organizational innovation) to support firms managing transactions. Following the notion of Stigler (1951) and North (1996), the emergence of TMIs as organizational innovation has an impact on the way how transactions were 'traditionally managed and thus creates an institutional change that leads to further division of labor on the MfT.Following Williamson (1979) we propose that new transaction models developed by TMIs aim to commoditize the traditionally idiosyncratic governance structures making transactions more economically. However, it remains to be seen which of the newly developed models will survive and deliver more economic transactions contributing to further developments towards efficient markets.

'This study of technology auctions is long overdue. The book provides a better understanding of intermediaries, and their role and impact in markets for technology. Both scholars and managers will find it insightful.' Alfonso Gambardella, Bocconi University, Italy 'From this book, managers, academics and innovation policy makers will all benefit from new insights into the complex relationships between external technology exploitation strategies, patents, technology trade and open innovation processes. The convincing evidence drawn from a dataset of technology auctions helps firms to understand which of their patents are suitable for auction, and also provides guidance to intermediaries to help improve the auction models. The data presented in this book contributes to further price transparency on technology markets and hence to their further development.' Hugo Tschirky, ETH Zurich, Switzerland Within the open innovation paradigm, firms need to operate efficiently in markets for technology. This book presents original research on technology transactions, market intermediaries and, specifically, the role of auctions as a novel transaction model for patented technologies. Frank Tietze delivers an in-depth discussion of the impact of empirical results upon transaction cost theory, and in so doing, provides the means for better understanding technology transaction processes in general, and auctions in particular. Substantiating transaction cost theory with empirical auction data, the author goes on to explore how governance structures need to be designed for effective distributed innovation processes. He concludes that the auction mechanism is a viable transaction model, and illustrates that the auction design, as currently operated by market intermediaries, requires thorough adjustments. Various options for possible improvements are subsequently prescribed. The theoretical facets of this book will strongly appeal to business economists, whilst its practical implications will provide an illuminating read for both academics and practitioners in the fields of innovation and intellectual property. Revealing empirically substantiated technology prices, this book will also prove to be of great interest to policy makers for further developing the markets for technology.

With this paper we aim to contribute to the discussion about the difficulties that occur when trading technical knowledge and particularly patents. Currently one can observe that markets for technology have been sizable growing, transaction obstacles are still immanent and technology market intermediaries (TMI) emerge that develop new models aiming to facilitate Intellectual Property (IP) transactions. Why TMIs emerge and how they attempt to facilitate IP transactions however is not yet sufficiently understood. We propose theoretical explanations for these two questions building primarily on the contributions of Stigler (1951) and Williamson (1979). We argue that the growing markets for technologies on the one hand and immanent transaction obstacles on the other hand lead to further division of labor and thus foster the emergence of TMIs. Following Williamson (1979) we propose that the new transaction models developed by TMIs attempt to implement more standardized governance structures in order to diminish transaction costs. However it remains to be seen which of the newly developed models (or those to come) will survive and actually deliver more economic transactions.

This book examines how new technologies have transformed global markets, as well as global business strategy. It explores how digitalization, artificial intelligence, virtual reality, and other changes in technology have led both to new opportunities but also to increased uncertainty within both business and legislature. By pulling together academics from Russia, China, France, Hungary, Azerbaijan, Tajikistan and other countries, this book provides a truly international perspective on the impact of new technologies across areas including smart cities, corporate governance, EU legislation and logistical enterprise. It will be valuable reading for academics interested in digitization, digital business, digital entrepreneurship and the way that technological change has informed strategy.

The past two decades have seen a gradual but noticeable change in the economic organization of innovative activity. Most firms used to integrate research and development with activities such as production, marketing, and distribution. Today firms are forming joint ventures, research and development alliances, licensing deals, and a variety of other outsourcing arrangements with universities, technology-based start-ups, and other established firms. In many industries, a division of innovative labor is emerging, with a substantial increase in the licensing of existing and prospective technologies. In short, technology and knowledge are becoming definable and tradable commodities. Although researchers have made significant advances in understanding the determinants and consequences of innovation, until recently they have paid little attention to how innovation functions as an economic process. This book examines the nature and workings of markets for intermediate technological inputs. It looks first at how industry structure, the nature of knowledge, and intellectual property rights facilitate the development of technology markets. It then examines the impacts of these markets on firm boundaries, the division of labor within the economy, industry structure, and economic growth. Finally, it examines the implications of this framework for public policy and corporate strategy. Combining theoretical perspectives from economics and management with empirical analysis, the book also draws on historical evidence and case studies to flesh out its research results.