Managerial flexibility can have a significant impact on the value of new product development projects. We investigate how the market environment in which a firm operates influences the value and use of development flexibility. We characterize the market environment according to two dimensions,...

We develop a multistakeholder, multicriteria decision-making framework for Eurocontrol, the European air traffic management organization, for evaluating and selecting operational improvements to the air traffic management system. The selected set of improvements will form the master plan of the...

We examine how a licensor can optimally design licensing contracts for multi-phase R&D projects when he does not know the licensee’s project valuation, leading to adverse selection, and cannot enforce the licensee’s effort level, resulting in moral hazard. We focus on the effect of the...

This article examines the prediction contest as a vehicle for aggregating the opinions of a crowd of experts. After proposing a general definition distinguishing prediction contests from other mechanisms for harnessing the wisdom of crowds, we focus on point-forecasting contests-contests in...

Decision makers are often called on to make snap judgments using fast-and- frugal decision rules called cognitive heuristics. Although early research into cognitive heuristics emphasized their limitations, more recent research has focused on their high level of accuracy. In this paper we...

We investigate project scheduling with stochastic activity durations to maximize the expected net present value. Individual activities also carry a risk of failure, which can cause the overall project to fail. In the project planning literature, such technological uncertainty is typically...

A monopolist typically defers entry into an industry as both price uncertainty and the level of risk aversion increase. By contrast, the presence of a rival typically hastens entry under risk neutrality. Here, we examine these two opposing effects in a duopoly setting. We demonstrate that the...