American innovation policy as expressed through intellectual property law contains a curious gap: it encourages individual research investments, but does little to facilitate cooperation among inventors, which is often a necessary precondition for innovation. This Article provides an in-depth...

There is a growing disconnect between the traditional patent-centric approach to protecting biotechnological innovation and the emerging intellectual property imperatives of “synthetic biology,” a promising new manifestation of biotechnology that enables the design and construction of...

We study optimal contracts when R\&D is outsourced to another company. We find that, when a realistic assumption holds, the optimal contract always leads in equilibrium to the lowest acceptable chance of having a successful technical innovation, given announced compensations. This assumption is...

One way of thinking about research and development is to recognise that firms are trying to solve particular design problems. We often build these design problems into our models, but are forced to oversimplify them in order to make the models solvable. The approach taken in this paper is to...

Using a discrete version of the Ramsey Vintage Capital Model, we provide a characterization of the initial capital stocks compatible with a predefined scrapping time and a level of technical progress which generate feasible capital paths. From that characterization, it is proved that for a given...

The purpose of this study is to build a system that automatically generates an optimal strategy (AGOS) which can solve the business problem of maximizing the acceptance rate without taking more risks in loan approval process. This paper formulates the finding an optimal approval strategy of a...

This paper introduces a flexible method based on dynamic programming to calculate the quantitative value of any approach to managing the innovation process. The quantification lets managers precisely compare the values of different approaches, and so identify those that are optimised for their...

We consider the optimal strategy of R&D expenditure adopted by a firm that engages in R&D to develop an innovative product to be launched in the market. The firm faces with technological uncertainty associated with the success of the R&D effort and market uncertainty of the stochastic revenue...

In this paper we describe three different algorithms, from which two (as far as we know) are new in the literature. We take both the size of the jump as the jump times as decision variables. The first (new) algorithm considers an Impulse Control problem as a (multipoint) Boundary Value Problem...