R&D investment under incomplete markets

被引：0
|
作者：
Hu, Fan [1 ]
Wu, Yaoyao [2 ]
机构：
[1] Guangdong Univ Finance & Econ, Sch Finance, Guangzhou, Peoples R China
[2] Hubei Univ Econ, Inst Adv Studies Finance & Econ IASFE, Wuhan, Peoples R China
来源：
MANAGERIAL AND DECISION ECONOMICS | 2023年 / 44卷 / 02期
基金：
中国国家自然科学基金;
关键词：
CONSUMPTION;
D O I：
10.1002/mde.3717
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
Entrepreneurs often face undiversifiable idiosyncratic risks from their R&D investments. We extend the real options model of R&D to an incomplete markets environment. We find the effect of market incompleteness on R&D investment is ambiguous. With low technological uncertainty, the agent under incomplete markets over-investment in R&D. However, market incompleteness leads to underinvestment in R&D when the technological uncertainty is high.
引用
收藏
页码：858 / 861
页数：4
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