We provide an efficient way to generate random choices which are consistent with utility maximisation. They are drawn from an approximate uniform distribution on the admissible region on each budget based on a Markovian Monte Carlo algorithm due to Smith (Oper Res 32(6):1296–1308, <CitationRef CitationID="CR11">1984</CitationRef>). This...</citationref>

Nonlinear regime switching models are becoming increasingly popular in recent applied literature, as they allow capturing state-dependent behaviors which would be otherwise impossible to model. However, despite their popularity, the specification and estimation of these type of models is...

This paper provides a real option methodology in order to value a pioneer’s R&D investment opportunity allowing for more potential competitors to enter in the market. To incorporate this competitive dimension, we assume that the pioneer may lose the “competitive dividends”   if the real...