Cyert, R. M.; DeGroot, M. H.; Holt, C. A. - In: Management Science 24 (1978) 7, pp. 712-718
This paper analyzes investment decisions that can be made in a modular form. It is motivated by the empirical observation that managements are particularly worried about "downside" risk. With a sequential approach this risk is minimized. An investment in a module produces information as well as...