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- W204587777 abstract "This paper investigates the valuation of an option to invest in an R&D project of uncertain cost on a finite time horizon. The common body of knowledge attributes a positive value to flexibility and the possibility to postpone an investment in order to wait for the arrival of new information. From this point of view a decision maker will assume that as time passes and the R&D projects terminal date approaches the value of the option to invest in the project will gradually vanish. Hence it appears logical that the willingness to invest in a project declines as time is running out. In my work I show that under certain conditions the opposite is the case i.e. as the deadline for completion approaches, decision makers increase their willingness to invest in the progress of the R&D project as a last effort to claim the reward and avoid failure. What appears as non-rational behavior of an individual who seeks to avoid sunk costs, is actually a fully rational investment strategy." @default.
- W204587777 created "2016-06-24" @default.
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- W204587777 date "2015-01-01" @default.
- W204587777 modified "2023-09-25" @default.
- W204587777 title "Now or Never -- End-Game Effects in Time Limited Real R&D Option Investment" @default.
- W204587777 doi "https://doi.org/10.2139/ssrn.2555567" @default.
- W204587777 hasPublicationYear "2015" @default.
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