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firms because it lowers the probability they win the innovation contest for that project; however, the investment of a firm … and social value. The portfolio nature of the investment problem brings about novel insights on the external effects of … firms' investments. The investment of a firm in one project imposes a negative business-stealing externality on the rival …
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firms because it lowers the probability they win the innovation contest for that project; however, the investment of a firm … and social value. The portfolio nature of the investment problem brings about novel insights on the external effects of … firms' investments. The investment of a firm in one project imposes a negative business-stealing externality on the rival …
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-varying uncertainty, highlighted in the literature. -- Ss model ; RBC model ; lumpy investment ; countercyclical risk ; aggregate shocks …
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