In many industrial sectors, firms amass large patents portfolios to reinforce their bargaining position vis a vis competitors. In a context where patents have a pure strategic nature, we discuss how the presence and the effectiveness of a patent system affect firms technological decisions....

We study the portfolio selection problem in a new product development setting with many projects in parallel, each lasting several stages, in the face of uncertainty. Each stage of the process performs an experiment on a selected number of projects in the stage, depending on the amount of...

The process of allocating scarce resources to competing internal and external new product development (NPD) projects comprises two key phases: (i) the collection of relevant information about the projects under consideration and (ii) the allocation of resources to the most promising projects....

A dynamic model featuring a stochastic technology frontier shows significant impact of technology adoption for asset prices. In equilibrium, firms operating with old capital are riskier because costly technology adoption restricts their flexibilities in upgrading to the latest technology, making...