国家自然科学基金(71162024);中国博士后基金(2013M531181);上海市博士后基金(13R21414800);江西省教育厅科技基金(GJJ11504) National Natural Science Foundation of China(71162024);China Postdoctoral Science Foundation(2013M531181);Shanghai Postdoctoral Sustentation Fund(13R21414800);Foundation of Jiangxi Educational Committee(GJJ11504)
An inventor can implement technology auction in terms of a stock auction, which is a alternative of cash auction. Firms bid with stocks, through which the inventor shares in profits when the technology is industrialized. Based on a symmetric independent private value model, the optimal mechanism of the stock auction, stocks allocation between the winner and the inventor, and the reservation price are analyzed. Compared with the cash auction, the stock auction leads to increased expected revenue and a higher turnover rate. The first price and the second price standard stock auction yield the sa...
