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| Tekijä: | Weeds, H. |
| Otsikko: | Strategic delay in a real options model of R&D competition |
| Lehti: | Review of Economic Studies
2002 : JUL, VOL. 69:3(240), p. 729-747 |
| Asiasana: | R&D Strategic management Competition Economic theory |
| Kieli: | eng |
| Tiivistelmä: | The paper considers irreversible investment in competing research projects with uncertain returns under a winner-takes-all patent systems. Uncertainty takes two distinct forms: the technological success of the project is probabilistic, while the economic value of the patent to be won evolves stochastically over time. Investment is found to be more delayed when firms act non-cooperatively as each holds back from investing in the fear of starting a patent race. |
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