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This paper analyzes the question: what does it take for science parks and technology districts to evolve and grow? We propose an analytical framework to examine the gestation, evolution and sustainability of science parks and related but broader regional phenomena such as technology districts. The framework comprises three aspects of a science park's(More)
This paper studies collective decision making in the context of a project selection model. We derive the optimal decision architecture when marginal decision costs are present, and investigate the circumstances under which the hierarchy and polyarchy exist as optimal sequential architectures. Our analysis extends previous results on optimal committee(More)
This paper studies the allocative efficiency of two non-price allocation mechanisms — the lottery (random allocation) and the waiting-line auction (queue system) — for the cases where individuals possess identical time costs (the homogeneous case), and where time costs are correlated with valuations (the heterogeneous case). The relative efficiency of the(More)
We present a general framework to study the project selection problem in an organization of fallible decision-makers. We show that when the organizational size and the majority rule for project acceptance are optimized simultaneously, the optimal quality of decision-making, as determined by the decision criterion, is invariant, and depends only on the(More)
This paper studies various aspects of the optimal design of economic organizations in the context of a project selection model, where decisions are made by fallible managers regarding the adoption or rejection of investment projects. I analyze the role of marginal decision costs, and establish that the sequentia l decision architecture is a pair of(More)