Amoroso, Sara; Moncada-Paterno-Castello, Pietro; … - Institute for Prospective Technological Studies (IPTS), … - 2015
This paper provides the first empirical attempt of linking firms’ profits and investment in R&D revisiting Knight’s (1921) distinction between uncertainty and risk. Along with the risky profit-maximizing scenario, identifying a second, off-setting, unpredictable bias that leads to...