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We study a sequential decision problem in which a firm has the option to invest in a project and can learn about the future profitability of this project prior to investment. The decision process is split into two stages. In the first stage the firm decides whether and how much to invest in...
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Rapid technological developments are inducing the shift in consumer demand from existing products towards new alternatives. When operating in a declining market, the profitability of incumbent firms is largely dependent on the ability to correctly time the introduction of product innovations....
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In case of a product innovation firms start producing a new product. While doing so, such a firm should decide what to do with its existing product after the firm has innovated. Essentially it can choose between replacing the established product by the new one, or keep on producing the...
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