Value creation from the innovation environment: Partnership strategies in university spin-outs

University spin-out (USO) companies play an increasingly important role in generating value from radical, generic technologies, but this translation requires significant resources from other players to reach the market. Seven case studies illuminate how relationships with each type of partner can be leveraged to help the firm create value. We find that most firms in the sample are aware of the importance of corporate partners and actively seek to cultivate these relationships, but may not be taking full advantage of the resources available through nonparent academic institutions and other USOs with similar or complementary technologies. © 2013 The Authors. R&D Management © 2013 Blackwell Publishing Ltd.

Elemental estimators for the Generalized Extreme Value tail

In a companion paper (McRobie(2013) arxiv:1304.3918), a simple set of `elemental' estimators was presented for the Generalized Pareto tail parameter. Each elemental estimator: involves only three log-spacings; is absolutely unbiased for all values of the tail parameter; is location- and scale-invariant; and is valid for all sample sizes $N$, even as small as $N= 3$. It was suggested that linear combinations of such elementals could then be used to construct efficient unbiased estimators. In this paper, the analogous mathematical approach is taken to the Generalised Extreme Value (GEV) distribution. The resulting elemental estimators, although not absolutely unbiased, are found to have very small bias, and may thus provide a useful basis for the construction of efficient estimators.

Serotonin selectively modulates reward value in human decision-making.

Establishing a function for the neuromodulator serotonin in human decision-making has proved remarkably difficult because if its complex role in reward and punishment processing. In a novel choice task where actions led concurrently and independently to the stochastic delivery of both money and pain, we studied the impact of decreased brain serotonin induced by acute dietary tryptophan depletion. Depletion selectively impaired both behavioral and neural representations of reward outcome value, and hence the effective exchange rate by which rewards and punishments were compared. This effect was computationally and anatomically distinct from a separate effect on increasing outcome-independent choice perseveration. Our results provide evidence for a surprising role for serotonin in reward processing, while illustrating its complex and multifarious effects.

Differentiable neural substrates for learned and described value and risk.

Studies of human decision making emerge from two dominant traditions: learning theorists [1-3] study choices in which options are evaluated on the basis of experience, whereas behavioral economists and financial decision theorists study choices in which the key decision variables are explicitly stated. Growing behavioral evidence suggests that valuation based on these different classes of information involves separable mechanisms [4-8], but the relevant neuronal substrates are unknown. This is important for understanding the all-too-common situation in which choices must be made between alternatives that involve one or another kind of information. We studied behavior and brain activity while subjects made decisions between risky financial options, in which the associated utilities were either learned or explicitly described. We show a characteristic effect in subjects' behavior when comparing information acquired from experience with that acquired from description, suggesting that these kinds of information are treated differently. This behavioral effect was reflected neurally, and we show differential sensitivity to learned and described value and risk in brain regions commonly associated with reward processing. Our data indicate that, during decision making under risk, both behavior and the neural encoding of key decision variables are strongly influenced by the manner in which value information is presented.

The role of human orbitofrontal cortex in value comparison for incommensurable objects.

The human orbitofrontal cortex is strongly implicated in appetitive valuation. Whether its role extends to support comparative valuation necessary to explain probabilistic choice patterns for incommensurable goods is unknown. Using a binary choice paradigm, we derived the subjective values of different bundles of goods, under conditions of both gain and loss. We demonstrate that orbitofrontal activation reflects the difference in subjective value between available options, an effect evident across valuation for both gains and losses. In contrast, activation in dorsal striatum and supplementary motor areas reflects subjects' choice probabilities. These findings indicate that orbitofrontal cortex plays a pivotal role in valuation for incommensurable goods, a critical component process in human decision making.

The price of pain and the value of suffering.

Estimating the financial value of pain informs issues as diverse as the market price of analgesics, the cost-effectiveness of clinical treatments, compensation for injury, and the response to public hazards. Such valuations are assumed to reflect a stable trade-off between relief of discomfort and money. Here, using an auction-based health-market experiment, we show that the price people pay for relief of pain is strongly determined by the local context of the market, that is, by recent intensities of pain or immediately disposable income (but not overall wealth). The absence of a stable valuation metric suggests that the dynamic behavior of health markets is not predictable from the static behavior of individuals. We conclude that the results follow the dynamics of habit-formation models of economic theory, and thus, this study provides the first scientific basis for this type of preference modeling.

Anchors, scales and the relative coding of value in the brain.

People are alarmingly susceptible to manipulations that change both their expectations and experience of the value of goods. Recent studies in behavioral economics suggest such variability reflects more than mere caprice. People commonly judge options and prices in relative terms, rather than absolutely, and display strong sensitivity to exemplar and price anchors. We propose that these findings elucidate important principles about reward processing in the brain. In particular, relative valuation may be a natural consequence of adaptive coding of neuronal firing to optimise sensitivity across large ranges of value. Furthermore, the initial apparent arbitrariness of value may reflect the brains' attempts to optimally integrate diverse sources of value-relevant information in the face of perceived uncertainty. Recent findings in neuroscience support both accounts, and implicate regions in the orbitofrontal cortex, striatum, and ventromedial prefrontal cortex in the construction of value.

The misbehavior of value and the discipline of the will.

Most reinforcement learning models of animal conditioning operate under the convenient, though fictive, assumption that Pavlovian conditioning concerns prediction learning whereas instrumental conditioning concerns action learning. However, it is only through Pavlovian responses that Pavlovian prediction learning is evident, and these responses can act against the instrumental interests of the subjects. This can be seen in both experimental and natural circumstances. In this paper we study the consequences of importing this competition into a reinforcement learning context, and demonstrate the resulting effects in an omission schedule and a maze navigation task. The misbehavior created by Pavlovian values can be quite debilitating; we discuss how it may be disciplined.

Detailed design of242mAm breeding in pressurized water reactors

There is growing interest in the use of 242mAm as a nuclear fuel. Because of its very high thermal fission cross section and its large number of neutrons released per fission, it can be used for various unique applications, such as space propulsion, medical applications, and compact energy sources. Since the thermal absorption cross section of 242mAm is very high, the best way to obtain 242mAm is by the capture of fast or epithermal neutrons in 241Am. However, fast spectrum reactors are not readily available. In this paper, we explore the possibility of producing 242mAm in existing pressurized water reactors (PWRs) with minimal interference in reactor performance. As suggested in previous studies on the subject, the 242mAm breeding targets are shielded with strong thermal absorbers in order to suppress the thermal neutron flux that causes 242mAm destruction. Since 242mAm enrichment within the Am target mainly depends on the neutron energy distribution, which in turn depends on the Am target thickness and on the neutron filter cutoff energy (thermal absorber type), this unique Am target design was developed. In our study, Cd, Sm, and Gd were considered as thermal neutron filters, as suggested by Cesana et al. The most favorable results were obtained by irradiating Am targets covered either with Gd or Cd. In these cases, up to 8.65% enrichment of 242mAm is obtained after 4.5 yr (three successive PWR fuel cycles) of irradiation. It was also found that significant quantities [up to 1.3 kg/GW (electric)-yr] of 242mAm can be obtained in PWR reactors without notable interference with reactor performance. However, in order to maintain the original fuel cycle length, the enrichment of the driver (UO2) fuel must be increased by ∼1%, raised from the conventional 4.5 to 5.5%, depending on the thermal neutron filter used. The most important reactivity feedback coefficients for fuel assemblies containing the 242mAm breeding targets were evaluated and found to be close to those of a standard PWR. Another product of neutron capture in the 241Am reaction is 238Pu. It was found that in a typical 1000 MW (electric) PWR core with one-third of the fuel assemblies containing 241Am targets, up to 15.1 kg of 238Pu enriched to 80% can be produced per year.

Light water breeding with nitride fuel

This scoping study proposes using mixed nitride fuel in Pu-based high conversion LWR designs in order to increase the breeding ratio. The higher density fuel reduces the hydrogen-to-heavy metal ratio in the reactor which results in a harder spectrum in which breeding is more effective. A Resource-renewable Boiling Water Reactor (RBWR) assembly was modeled in MCNP to demonstrate this effect in a typical high conversion LWR design. It was determined that changing the fuel from (U,TRU)O2 to (U,TRU)N in the assembly can increase its fissile inventory ratio (fissile Pu mass divided by initial fissile Pu mass) from 1.04 to up to 1.17. © 2011 Elsevier Ltd. All rights reserved.

Inclusive design and the bottom line: How can its value be proven to decision makers?

Designing technology products that embrace the needs and capabilities of heterogeneous users leads not only to increased customer satisfaction and enhanced corporate social responsibility, but also better market penetration. Yet, achieving inclusion in today's pressured and fast-moving markets is not straight-forward. For a time, inaccessible and unusable design was solely seen as the fault of designers and a whole line of research was dedicated to pinpointing their frailties. More recently, it has become progressively more recognised that it is not necessarily designers' lack of awareness, or unwillingness, that results in sub-optimal design, but rather there are multi-faceted organisational factors at play that seldom provide an adequate environment in which inclusive products could be designed. Through literature review, a detailed audit of inclusivity practice in a large global company and ongoing research regarding quantification of cost-effectiveness of inclusive design, this paper discusses the overarching operational problems that prevent organisations from developing optimally inclusive products and offers best-practice principles for the future. © 2013 Springer-Verlag Berlin Heidelberg.