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The paper offers a new theoretical framework to examine the role of intermediaries between creators and potential users of new inventions. Using a model of universityindustry technology transfer, we demonstrate that technology transfer offices can provide an opportunity to economize on a critical component of efficient innovation investments: the expertise to locate new, external inventions and to overcome the problem of sorting 'profitable' from 'unprofitable' ones. The findings may help explain the surge in university patenting and licensing since the Bayh-Dole Act of 1980. Furthermore, the study identifies several limitations to the potential efficiency of intermediation in innovation.

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