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In this paper, we study an irreversible investment problem under Knightian uncertainty. In a general framework, in … investment plan, and derive necessary and sufficient conditions for optimality. This allows us to construct the optimal policy in …-ignorance" - we are able to provide the explicit form of the optimal irreversible investment plan. …
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Both academia and industry accept unconditionally the significance of new product development and its success in consumer centric businesses. However, one of the key and final indicators of success of any new product “test marketing”, has not received adequate attention from both the said...
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A simple mathematical model describing the diffusion of a new, infrequently purchased product is proposed. Many previous papers have reported that the differing behaviour of quot;innovatorsquot; and quot;imitatorsquot; is fundamental to the diffusion process. However, previous models have failed...
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