Ideas,errors and the commercialisation of valuable knowledge

This article considers unexpected outcomes of innovation occurring during research processes. Because serendipity has often led to important discoveries, here a model is developed to analyse the conditions for a ‘market for ideas’ to exist. With the help of game theory in particular, it is shown that the creation of such a market is quite unlikely because unfair buyer behaviour and the possibility of expropriation of the innovation renders the seller reluctant to negotiate with a potential buyer. All these factors may hinder the flow of ideas among institutions, generating a loss for society as a whole.