Proceedings of the Technology Innovation Conference (기술경영경제학회:학술대회논문집)
- 2004.02a
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- Pages.264-287
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- 2004
기술이전에서의 위험분산: 사후적 옵션(ex-post option) 계약
- Published : 2004.02.13
Abstract
The minimum royalty should have two objectives. One is to guarantee the minimum license payment and the other is to screen the eligible licensee to prevent the licensee`s strategic behavior. In the licensing contract for public-to-private technology transfer, the latter plays more important role than the former in viewpoint of the successful technology transfer and commercialization. However, the minimum royalty falls into a dilemma to increasing the risk on the part of licensee in case of failure in technology transfer and commercialization. In our study, ex-post option contract will be suggested as a risk sharing mechanism to overcome above dilemma. The ex-post option contract means the contract which the licensee has the option whether to go or not at the time of manufacturing stage. To proof the usefulness of ex-post option contract, it is shown in the study that expected utility of a licensor and a licensee can increase with a certain constraint, which depends on degree of uncertainty and licensee`s risk aversion, after introducing the ex-post option contract. In spite of this constraint, the usefulness of ex-post option contract may be highly appreciated because its constraint is quite normal case in the real world.