The Euro-Med agreements draw a scheme where free trade flows from each Partner towards the EU and vice-versa in a hub and spoke fashion. The liberalization takes place in two subsequent phases, to promote some industrial development of the Mediterranean partners before full liberalization of...

We provide a general valuation approach for capital budgeting decisions involving the modularization of a system. Within the framework developed by Baldwin and Clark (2000), we implement an approach using a numerical procedure based on the Least Squares Monte Carlo method proposed by Longstaff...

In this paper we investigate the valuation and optimal timing of the launch of two complementary/substitute products (or projects), one of which is a pilot product. As a first step, we study the problem from a strategic point of view and analyze the ability of the pilot product per se to create...

To extend Onsager–Machlup's theory, Bertini, De Sole, Gabrielli, Jona-Lasino and Landim proposed a fluctuation theory for the steady states of stochastic nonequilibrium systems, which predicts a temporal asymmetry between a fluctuation and its relaxation. Here, this theory is considered in the...

We provide a general valuation approach for capital budgeting decisions involving the modularization in the design of a system. Within the framework developed by Baldwin and Clark (Baldwin, C. Y., K. B. Clark. 2000. Design Rules: The Power of Modularity. MIT Press, Cambridge, MA), we implement a...