✦ LIBER ✦

The source of comparative advantage in the biotechnology industry: A real options approach

✍ Scribed by Brian F. Lavoie; Ian M. Sheldon

Publisher: John Wiley and Sons
Year: 2000
Tongue: English
Weight: 40 KB
Volume: 16
Category: Article
ISSN: 0742-4477
DOI: 10.1002/(sici)1520-6297(200024)16:1<56::aid-agr5>3.0.co;2-s

No coin nor oath required. For personal study only.

✦ Synopsis

Sources of heterogeneity within the process of research and development (R&D) investment, such as international differences in the maximum per-period rate of investment and level of regulatory uncertainty, offer a plausible explanation for US comparative advantage in biotechnology. Using dynamic stochastic simulation, the results presented in this article suggest US biotechnology firms may initiate more R&D projects, innovate earlier and more rapidly, persevere longer in the face of mounting R&D costs, and successfully complete more R&D projects than European firms [Econ-Lit citations: F100, O310, O330].

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