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Research, Science, and Technology Parks: An Overview of the Academic Literature--Albert N. Link
Pages 127-140

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From page 127...
... II. DEFINITIONS The term research park is more prevalent in the United States, the term science park is more prevalent in Europe, and the term technology park is more   This paper draws on Link and Scott (2007)
From page 128...
... THEORIES ON R-S-T PARK FORMATIONS Surprisingly, the extant literature in economics, geography, management, and public policy does not offer a fully developed theory about the formation of parks. Case studies have documented the institutional history of a number of research parks, university affiliated or not.
From page 129...
... summarize aspects of the science park phenomenon in the United Kingdom; Gibb (1985) also chronicles the science/technology park phenomenon in Germany, Italy, ­Netherlands, and selected Asian countries; and Chordà (1996)
From page 130...
... outline a theoretical model, based on the theory of clubs, to describe the conditions under which a firm would be located in an existing university park. The authors conjecture that a university research park acts like a private organization, so that membership in the research park is the result of mutual agreement between the existing park tenants including the university, the club, and a potential new member firm.
From page 131...
... V POLICY CONCLUSIONS The elements of a national innovation system include competitive firms and a competitive environment, an effective educational system, strong university research, a legal system with property rights, and a capital market that includes venture capital (Nelson 1993, Cohen 2002)
From page 132...
... Firm performance Westhead (1995) , Matched pair comparison Survival rate of on-park firms greater than of off-park firms.
From page 133...
... Ferguson and Olofsson Matched pair comparison No performance differences between on-park and off-park firms.
From page 134...
... France's central government, like that of Japan, the Netherlands, and the United Kingdom, has actively fostered the creation of science parks (Westhead 1997, Hilpert and Ruffieux 1991, Goldstein and Luger 1990) , and Germany has long promoted academic innovation centres to incubate and develop small- and medium-sized enterprises (Sternberg 1990)
From page 135...
... Nonetheless, if the benefits of the research spill over to consumers and to firms other than the ones investing in the research, the social rate of return may exceed the appropriate hurdle rate, even though the private rate of return falls short of the private hurdle rate. It would then be socially valuable to have the investments made, but since the university or local firms will not make them without public support, the public sector should support the investments.
From page 136...
... :18-29.   The part of the stream of expected profits captured by the innovator is its private return, while the entire stream is the lower bound on the social rate of return (because of the additional benefits of consumer surplus and assuming any cannibalization of existing surplus is relatively small)
From page 137...
... 2005. "Second Generation Science Parks: From Struc tural Holes Jockeys to Social Capital Catalysts of the Knowledge Society." Technovation 25(9)
From page 138...
... Re search Triangle Park, NC: University of North Carolina Press for the Research Triangle Park Foundation.
From page 139...
... 2003. "Assessing the Impact of Science Parks on Research Productivity: Exploratory Firm-Level Evidence from the United Kingdom." International Jour nal of Industrial Organization 21(9)


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