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

页码：858 / 861

页数：4

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