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An exploratory study of the economic effect of open innovation

Title
An exploratory study of the economic effect of open innovation
Authors
Yun, Jinhyo JosephCho, Bong Jin
DGIST Authors
Yun, Jinhyo Joseph
Issue Date
2014
Citation
Journal of Science and Technology Policy Management, 5(1), 24-40
Type
Article
Article Type
Article
Keywords
Economy of DiversityGradual Increase of Marginal ProductsLong-Tailed EconomyOpen InnovationX-Efficiency
ISSN
2053-4620
Abstract
Purpose – The purpose of this paper is to discover the economic effects of open innovation investigated the following research questions: do economic effects of open innovation – a certain economic phenomenon or economic paradigm that surpasses the level of the management strategies of individual enterprises – exist? If so, what are the economic effects? Design/methodology/approach – The authors analyse the change of classical economic characteristics, such as diminishing marginal products, economy of scale, and X-inefficiency, which are selected by literature review to find out the effects of open innovation. The authors select long-tailed phenomena and App Store phenomena, which are a direct result of open innovation. From these, the authors find out the effects of open innovation. Findings – Through exploratory-level studies, the economic characteristics of open innovation have been identified: gradual increases of marginal products, the economy of diversity, and X-efficiency improvement. Research limitations/implications – These three economic characteristics of open innovation have been verified through secondary analysis methods based on the long-tailed phenomenon and App Store phenomenon. Open innovation triggers new economic effects. Thus, the authors should create new strategies and policies to treat open innovation that are based on additional deep research. Practical implications – This paper introduces new ideas about open innovation in economics. Social implications – According to the findings, open innovation will give the authors new ways to develop continuously in a knowledge-based economy. Originality/value – For the first time, the authors understand the economic value of open innovation and its implications. © Emerald Group Publishing Limited.
URI
http://hdl.handle.net/20.500.11750/5274
DOI
10.1108/JSTPM-01-2014-0001
Publisher
Emerald Group Publishing Ltd.
Related Researcher
Files:
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Collection:
Convergence Research Center for Future Automotive Technology1. Journal Articles


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