Introduction / F. Scott Kieff kand Troy A. Paredes Part I : Perspectives on theories of intellectual property Intellectual Property and the theory of the firm / Daniel F. Spulber A transactional view of property rights / Robert P. Merges The modularity of patent law / Henry E. Smith Forging a new environmental and resource economics paradigm : the contractual bases for exchange / Terry L. Anderson and Gary D. Libecap Privatizing the Public Domain / Michael B. Abramowicz Part II : Perspectives on the problems of anticommons and patent thickets Engineering a deal : toward a private ordering solution to the anticommons problem / F. Scott Kieff and Troy A. Paredes Understanding the RAND commitment / Douglas Lichtman Embryonic inventions and embryonic patents : prospects, prophecies, and pedis possessio / John F. Duffy Innovation and its discontents / Adam B. Jaffe and Josh Lerner Part III : Perspectives on finance and commercialization Patents as options / Shaun Martin and Frank Partnoy Access to finance and the technological innovation : a historical experiment / Stephen Haber The decline of the independent inventor : a Schumpeterian story? / Naomi R. Lamoreaux and Ken Sokoloff Part IV : Perspectives on the university innovation University software ownership and litigation : a first examination / Arti K. Rai, John R. Allison, and Bhaven Sampat.