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The real options investment theory shows that greater uncertainty about market revenues reduces current R&D investment by increasing the value of waiting. This paper presents empirical evidence that patent protection mitigates the effect market uncertainty on R&D investment.
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Real options investment theory predicts current investment falls as uncertainty about market returns increases. In the case of R&D investment, which is usually considered an irreversible form of investment, this effect should be quite pronounced. This paper tests the real options prediction...
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The real options investment theory shows that greater uncertainty about market revenues reduces current Ramp;D investment by increasing the value of waiting. This paper presents empirical evidence that patent protection mitigates the effect market uncertainty on Ramp;D investment
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