Koussis, Nicos; Martzoukos, Spiros H.; Trigeorgis, Lenos - In: Journal of Banking & Finance 37 (2013) 1, pp. 174-190
We provide a real options framework for the analysis of product development that incorporates research and exploration actions, product attribute value-enhancing actions with uncertain outcome, as well as preemption and innovation options. We derive two-stage analytic formulas and propose a...