This paper presents a two-stage model describing the optimal choice of R&D risk among R&D programs with the same expected outcome. It demonstrates that the choice of the highest-risk R&D program is a dominant strategy under Bertrand or Cournot competition.

This study presents the methodology, the estimates and a scenario for forecasting the demand for cellular telephones and their use in Israel. The analysis was based on the integration of three sub-models. The estimate of the consumer's decision on whether to purchase a cellular telephone and...

In capacity expansion studies of power generation systems, the uncertainty in the prices of the primary energy resources is a major concern. The approach presented in this paper accounts for this uncertainty by mapping the probability distribution of the installed capacity for any given...