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- W3201455530 endingPage "4151" @default.
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- W3201455530 abstract "Abstract We study a standard real-option problem in which sequential decisions are made through voting by a group of members with heterogeneous beliefs. We show that, when facing both investment and abandonment timing decisions, the group behavior cannot be replicated by that of a representative “median” member. As a result, members’ disagreement generates inertia—the group delays investment relative to a single-agent case—and underinvestment—the group rejects projects that are supported by a majority of members, acting in autarky. These coordination frictions hold in groups of any size, for general voting protocols, and are exacerbated by belief polarization." @default.
- W3201455530 created "2021-09-27" @default.
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- W3201455530 date "2021-09-13" @default.
- W3201455530 modified "2023-10-18" @default.
- W3201455530 title "Group-Managed Real Options" @default.
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- W3201455530 doi "https://doi.org/10.1093/rfs/hhab100" @default.
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