technologies under uncertainty. Specifically, given two technologies, one with lower costs at present, but the other with greater … uncertainty in the returns to R&D, how should one allocate the R&D budget? We develop a multi-stage stochastic dynamic programming … variance in the uncertainty in returns to R&D and with the skewness of the uncertainty. We also present an illustrative case …

Background: Dual-level stochastic programming is a technique that allows modelling uncertainty at two different levels … must somehow be taken into account when making strategic plans, and since uncertainty is present at both levels, dual …