Today, despite the needs of more credible valuation models in defense research and development (R&D), defense decision makers mainly focus on previous cost and NPV-based approaches to evaluate them. Defense R&D projects should be considered as a sequential compound real option due to its...

Korea government initiated the Government's Defense Industrial Policy, "Defense Industry as a New Growth Engine for the Creative Economy", followed by establishing the defense industrial policy objectives and making efforts to reach them. Accordingly, the defense export dragged attention from...