Bias in Market R&D Portfolios
Based on a simple "contest" model of product innovation, we provide a necessary and sufficient condition for the market to be biased against risky R&D projects. We find that, in accordance with conventional wisdom and contrary to much of the previous theoretical literature, market comp...
| Main Author: | |
|---|---|
| Format: | workingPaper |
| Language: | eng |
| Published: |
2019
|
| Subjects: | |
| Online Access: | http://hdl.handle.net/10362/85864 |
| Country: | Portugal |
| Oai: | oai:run.unl.pt:10362/85864 |