We refine modelling of the radical innovation decision in this paper by extending real option theory to include non … stochastic shocks imply that investment in radical innovation may very often be too time consuming and/or expensive to remain … attractive for private entrepreneurs. -- radical innovation ; innovation ; entrepreneurship ; investment ; R&D ; risk ; real …

Current literature on the impact assessment of government innovation subsidies is mainly empirical driven and lacks an … improve the effectiveness of government support for innovation. …