Conferences and Publications
Two broad trends are discernible in the context of the development of scientific R&D. First, there is a significant increase in conference culture and the tendency of many authors rushing the dissemination of their discoveries. Second, there is an increase in the willingness to accept and finance such activities. Clearly, both these features tend to be sustainable only because the parties involved in the transactions feel that they have something to gain commercially. The primary purpose of this study is to examine this nexus utilizing a modified principal agent model. The existence of these mechanisms renders the national wealth more volatile. Such volatility can be minimized only if firms, that undertake commercialization, are adequately skilled and/or highly volatile transactions can be screened out by making it more expensive to commercialize them. The least that can be done is to discourage proven losers over time if they fail to self-select.