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Coiculescu, Gabriela; Izhakian, Yehuda (Yud); Ravid, … - 2021

We view innovation investment as a real option and explore the implications of ambiguity (Knightian uncertainty) and risk for innovation decisions. Our analysis uses a risk measure and a new outcome-independent measure of ambiguity. We find a consistently significant negative effect of ambiguity...

Persistent link: https://www.econbiz.de/10013217074

Quasi-rational R&D behavior in an environment with fundamental uncertainty

Dimmig, Anne-Kathrin; Erlei, Mathias - 2012 - First Version: August 2012

uncertainty. We designed a multi-period experiment in which each period consisted of two stages, an R&D phase and a pricing stage …. Participants in the experiment had almost no information about the underlying functions, parameters, and probabilities. Subjects …' behavior in the fundamentally uncertain environment of our experiment may best be characterized as some kind of procedural …

Persistent link: https://www.econbiz.de/10010481420

Sustainability traps: patience and innovation

Dioikitopoulos, Evangelos V.; Karydas, Christos - 2020

This paper argues that the joint relation between long-term orientation, environmental quality and innovation plays a key role in explaining environment-poverty traps. Based on empirical observations, we allow for the subjective discount rate to negatively depend on environmental quality in an...

Persistent link: https://www.econbiz.de/10012163107

Demand lotteries, abandonment options and the decision to start R&D and process innovation

Dobbelaere, Sabien; Luttens, Roland Iwan; Peters, Bettina - In: Management revue : MRev 26 (2015) 1, pp. 25-51

We study different determinants of real-life R&D decisions within a net present value framework. Besides entry threat, Bertrand competition and multi-stage R&D with an abandonment option, our model includes demand uncertainty, modelled as a lottery. A lottery becomes more divergent when the...

Persistent link: https://www.econbiz.de/10011298045

Market innovation and entrepreneurship : a Knightian view

Bewley, Truman F. - 1989

Persistent link: https://www.econbiz.de/10000763080

Market innovation and entrepreneurship : a Knightian view

Bewley, Truman F. - In: Economics essays : a Festschrift for Werner Hildenbrand, (pp. 41-58). 2001

Persistent link: https://www.econbiz.de/10001597508

Innovation under ambiguity and risk

Coiculescu, Gabriela; Izhakian, Yehuda; Ravid, Simon Abraham - In: Journal of financial and quantitative analysis : JFQA 59 (2024) 7, pp. 3190-3229

Persistent link: https://www.econbiz.de/10015156680

Risk attitudes and innovation in Dutch arable farming

Höhler, Julia; Tensi, Annika; Sok, Jaap - In: Q open : a journal of agricultural, climate, … 3 (2023) 2, pp. 1-13

attitudes. We quantified Dutch arable farmers' risk attitudes based on the cumulative prospect theory (CPT) and used the benefit …

Persistent link: https://www.econbiz.de/10014500732

Agent-based modeling for decision making in economics under uncertainty

Vermeulen, Ben; Pyka, Andreas - 2016

Ever since the emergence of economics as a distinct scientific discipline, policy makers have turned to economic models to guide policy interventions. If policy makers seek to enhance growth of an open capitalist economy, they have to take into account, firstly, the uncertainties,...

Persistent link: https://www.econbiz.de/10011422415

Agent-based modeling for decision making in economics under uncertainty

Vermeulen, Ben; Pyka, Andreas - 2015

Persistent link: https://www.econbiz.de/10011281255