van Bekkum, Sjoerd; Pennings, Enrico; Smit, Han - In: Research Policy 38 (2009) 7, pp. 1150-1158
This paper shows that the conditionality of investment decisions in R&D has a critical impact on portfolio risk, and implies that traditional diversification strategies should be reevaluated when a portfolio is constructed. Real option theory argues that research projects have conditional or...