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Management and Economics of Innovation - 5 ECTS - HYBRID

Date and time

Monday 16 September 2024 at 09:00 to Friday 27 September 2024 at 16:00

Registration Deadline

Monday 12 August 2024 at 23:55


Hybrid - Room TBA Hybrid - Room TBA

Management and Economics of Innovation - 5 ECTS - HYBRID

Christoph Grimpe, Department of Strategy and Innovation (SI)

The course will take place in week 38 & 39, exact dates and timings will announced soon. 



Professor with special responsibilities Carmelo Cennamo (CC)
Department of Strategy and Innovation, CBS

Professor with special responsibilities Kristina Dahlin (KD)
Department of Strategy and Innovation, CBS

Professor Christoph Grimpe (CG)
Department of Strategy and Innovation, CBS

Professor Karin Hoisl (KH)
Department of Strategy and Innovation, CBS

Assistant Professor Paul Hünermund (PH)
Department of Strategy and Innovation, CBS

Professor Keld Laursen (KL)
Department of Strategy and Innovation, CBS

Associate Professor Marion Pötz (MP)
Department of Strategy and Innovation, CBS

Professor Thomas Rønde (TR)
Department of Strategy and Innovation, CBS

Associate Professor Markus Simeth (MS)
Department of Strategy and Innovation, CBS



Basic knowledge of theories related to economics, management, technology, innovation, and organizations. It is a requirement for receiving the course diploma that the students attend the entire course.


Duration: 10 sessions with 3 hours each


Aim of the course

The course aims to provide a set of advanced insights into the field of Management and Economics of Innovation spanning from foundational themes to the most recent developments of the field.


Course content

Both the competitiveness of firms and welfare in general depend on the ability to introduce innovative products, processes and services. Interest in management of innovation has traditionally centered on firm-internal aspects of processes such as, for instance, how collaboration and interaction among specialized professionals take place in the creation of innovation; how to deal with unavoidable uncertainty involved; and the path dependency in skills and resources. In recent years, there has been a surge in interest among scholars and practitioners in methods that allow the firm systematically to source its inputs externally. Innovation that originates from sources external to the firm has emerged as an important phenomenon and has been associated with labels such as open innovation, user innovation, crowd sourcing, and open source.

These trends have also given rise to novel and so far immature research agendas that promise to enhance our understanding of the processes and sources of innovation in the years to come. With respect to the economics of innovation, the course will cover modern economic theories related to innovation and intellectual property rights. In that regard, the course will particularly cover licensing on markets for technology as well as networks and network effects.


Learning objectives

·       To acquire an understanding and overview of topics in the management and economics of innovation

·       To be able to demonstrate knowledge of relevant theories by explaining their assumptions, causal dynamics and processes

·       To be able to demonstrate knowledge of the conceptual foundations, frameworks and methods relevant to the study of innovation management and economics


Teaching methods and assessment

Teaching takes place during the fall semester 2024 in weeks 38 and 39 (see schedule below).
The course will be offered in a hybrid mode, i.e. participation will be possible both at CBS and online on Zoom. The exam is a 4-hour written exam (open book). The exam takes place on October 7, 2024, 9:00-13:00.


Session 1: Introduction to the management of innovation (CG)


·       Anderson, P., & Tushman, M. L. 1990. Technological discontinuities and dominant designs: A cyclical model of technological change. Administrative Science Quarterly, 35 (4): 604-633.

·       Dosi, G. 1982. Technological Paradigms and Technological Trajectories: A Suggested Interpretation of the Determinants and Directions of Technical Change. Research Policy, 11: 147-162.

·       Henderson, R., & Clark, K. B. 1990. Architectural innovation: The reconfiguration of existing product technologies and the failure of established firms. Administrative Science Quarterly, 35 (1): 9-30.

·       Salter, A., & Alexy, O. 2013. The nature of innovation. In: Dogson, M. et al. (eds.), The Oxford Handbook of Innovation Management, Oxford University Press, Oxford: 26-50.


Session 2: Introduction to the economics of innovation (THR)


·       Scotchmer, S. 2004. Innovation and Incentives, Cambridge, Massachusetts: MIT Press, chapters 2, 4 and 6.

·       Choi, J. P. 2002. A Dynamic Analysis of Licensing: The ‘‘Boomerang'’ Effect and Grant-Back Clauses, International Economic Review, 43: 1468-2354.

·       Laursen, K., S. Moreira, T. Reichstein, and M. I. Leone. 2017. Evading the Boomerang Effect: Using the Grant-Back Clause to Further Generative Appropriability from Technology Licensing Deals. Organization Science, 28: 514-530.


Session 3: Organizational learning (KD)


·       Thompson, P. 2009. Learning by doing. In: Bronwyn Hall and Nathan Rosenberg (eds.) Handbook of Economics of Technical Change, Elsevier/North-Holland, 2009.

·       Dahlin, K., Chuang, Y. and T. Roulet. 2018. “Opportunity, motivation and ability to learn from failures and errors: Review, synthesis and ways to move forward.” Academy of Management Annals. 12(1): 252-277.

·       Thompson, P. 2001. How much did the liberty ship builders learn? New evidence for an old case study. Journal of Political Economy. 109(11): 103-137.

Background literature

·       Kim, J. and Miner, A. 2007. Vicarous learning from the failure and near-failure of others. Academy of Management Journal, Vol. 50(2), 687-714.

·       Stan, M. and Vermeulen, F. 2013. Selection at the gate: Difficult cases, spillovers, and organizational learning. Organization Science, 24(3), 796-812.

·       March, J. G. 1991. Exploration and Exploitation in Organizational Learning. Organization Science, Vol. 2(1), 71-87.

·       Levinthal, D. A. and March, J. G. 1993. The myopia of learning. Strategic Management Journal, Vol 12,95-112.


Session 4: Networks, collaboration and alliances (KL)


·       Teece, D.J. 1986. Profiting from technological innovation: Implications for integration, collaboration, licensing, and public policy. Research Policy 15: 285-305.

·       Mowery, D., Oxley, J., Silverman, B. 1996. Strategic Alliances and Interfirm Knowledge Transfers. Strategic Management Journal, 17 (Winter 96 special issue): 77-91.

·       Ahuja, G. 2000. Collaboration networks, structural holes and innovation: a longitudinal study, Administrative Science Quarterly, 45 (3): 425-455.

·       Tortoriello, M. 2015. The social underpinnings of absorptive capacity: The moderating effects of structural holes on innovation generation based on external knowledge. Strategic Management Journal, 36(4): 586-597.

Background literature:

·       Cohen, W. M., & Levinthal, D. A. 1990. Absorptive capacity: A new perspective of learning and innovation. Administrative Science Quarterly, 35(1): 128-152.


Session 5: Employee mobility (tbd)


·       Choudhury, P. (2022). Geographic Mobility, Immobility, and Geographic Flexibility–A Review and Agenda for Research on the Changing Geography of Work. Academy of Management Annals, 16(1), 258-296.

·       Kacperczyk, A., & Balachandran, C. (2018). Vertical and horizontal wage dispersion and mobility outcomes: Evidence from the Swedish microdata. Organization Science, 29(1), 17-38.

·       Groysberg, B., Lee, L. E., & Nanda, A. (2008). Can they take it with them? The portability of star knowledge workers' performance. Management Science, 54(7), 1213-1230.

·       Stadler, C., Helfat, C. E., & Verona, G. (2022). Transferring knowledge by transferring individuals: Innovative technology use and organizational performance in multiunit firms. Organization Science, 33(1), 253-274.


Session 6: Appropriability and innovation strategy (KH)


·       Cohen, W. M., Nelson, R., & Walsh, J. P. (2000). Protecting their intellectual assets: Appropriability conditions and why US manufacturing firms patent (or not), NBER Working Paper No. 7552.

·       Teece, D. (1986). Profiting from technological innovation: implications for integration, collaboration, licensing, and public policy. Research Policy, 15 (6): 285-305


Session 7: Platform-based innovation and innovation ecosystems (CC)


·       Rochet J-C, Tirole J. 2006. Two-sided markets: A progress report. Rand Journal of Economics 37: 645-667

·       Cennamo C., Santaló J. 2013. Platform Competition: Strategic Tradeoffs in Platform Markets, Strategic Management Journal, 34: 1331–1350

·       Adner, R., & Kapoor, R. (2010). Value creation in innovation ecosystems: How the structure of technological interdependence affects firm performance in new technology generations. Strategic Management Journal, 31(3), 306–333.

·       Jacobides M, Cennamo C, Gawer A (2018) Toward a theory of ecosystems. Strategic Management Journal. 39(8): 2255–2276.



Session 8: University-industry linkages (MS)


  • Pavitt, K. 1991. What Makes Basic Research Economically Useful? Research Policy, 20: 109-119.
  • Agrawal, A., Henderson, R. 2002. Putting Patents in Context: Exploring Knowledge Transfer from MIT. Management Science, 48(1), 44-60.
  • Arora, A., Belenzon, S., Sheer, L. 2021. Knowledge spillovers and corporate investment in scientific research. American Economic Review 111(3), 871-898


Session 9: Innovation Project Staging and Real Options Strategies (PH)


  • Dixit, A.K., Pindyck, R.S., 1994. Investment Under Uncertainty. Princeton University Press, Princeton, NJ. Chapter 2
  • Bowman, E.H., Hurry, D., 1993. Strategy through the options lens: an integrated view of resource investments and the incremental-choice process. Acad. Manag. Rev. 18, 760–782.
  • McGrath, R.G., Nerkar, A., 2004. Real options reasoning and a new look at the R&D investment strategies of pharmaceutical firms. Strateg. Manag. J. 25, 1–21.
  • Andries, P., Hünermund, P., 2020. Firm-level effects of staged investments in innovation: The moderating role of resource availability. Research Policy, 49(7).


Session 10: Open approaches to innovation (MP)


·       Dahlander, L., Gann, D.M. 2010. How open is innovation? Research Policy, 39(6): 699-709.

·       Felin, T., Zenger, R.R. 2014. Closed or open innovation? Problem solving and the governance choice. Research Policy, 43: 914-925.

·       Gambardella, A., Raasch, C., von Hippel, E. 2016. The user innovation paradigm: impacts on markets and welfare. Management Science, 63(5): 1450-1468.

·       Laursen, K., Salter, A. J. 2006. Open for Innovation: The role of openness in explaining innovative performance among UK manufacturing firms. Strategic Management Journal, 27(2): 131-150.


Course schedule










Introduction to the management of innovation




Introduction to the economics of innovation




Organizational learning




Networks, collaboration and alliances




Employee mobility




Appropriability and innovation strategy




Platform-based innovation and innovation ecosystems




University-industry linkages




Innovation Project Staging and Real Options Strategies




Open approaches to innovation



Note: In case we receive more registrations for the course than we have seats, CBS PhD students will have first priority. Remaining seats will be filled on a first come first serve. 

Registration deadline and conditions

The registration deadline is 12 August 2024. If you want to cancel your registration on the course it should be done prior to this mentioned date. By this date we determine whether we have enough registrations to run the course, or who should be offered a seat if we have received too many registrations.

If there are more seats available on the course we leave the registration open by setting a new regsitration deadline in order to fill remaining seats. Once you have received our acceptance/welcome letter to join the course, your registration is binding and we do not refund your course fee. The binding registration date will be the registration deadline mentioned above.

Payment methods
Make sure you choose the correct method of payment upon finalizing your registration:
CBS students:
Choose payment method CBS PhD students and the course fee will be deducted from your PhD course budget.
Students from other Danish universities: 
Choose payment method Danish Electronic Invoice (EAN). Fill in your EAN number, attention and possible purchase (project) order number.
Do you not pay by EAN number please choose Invoice to pay via Danish electronic bank payment (+71). 
Students from foreign universities:
Choose payment method Payment Card. Are you not able to pay by credit card please choose Invoice International to pay via international bank transfer. 

Organizer Contact Information

CBS PhD School
Nina Iversen

Phone: +45 3815 2475

Organizer Contact Information

CBS PhD School
Nina Iversen

Phone: +45 3815 2475