Research and development project selection in the public sector
AbstractThis article argues for an innovative methodology to appraising (ex ante) longer-term strategic research and development (R&D) investments. This methodology reflects the inherent value of such R&D in terms of opening up opportunities (but not obligations) for investment in new technological areas with potentially substantial returns. Although corporate R&D managers and public administrators describe the merits of long-term research on these grounds, only recently has the qualitative argument been replaced by the foundations of a methodology capable of quantifying this inherent value of R&D. Such a methodology could also facilitate a transition toward the use of more appropriate discount rates other than the unvarying rates of traditional methodologies.
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Bibliographic InfoArticle provided by John Wiley & Sons, Ltd. in its journal Journal of Policy Analysis and Management.
Volume (Year): 17 (1998)
Issue (Month): 4 ()
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Web page: http://www3.interscience.wiley.com/journal/34787/home
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- Black, Fischer & Scholes, Myron S, 1973. "The Pricing of Options and Corporate Liabilities," Journal of Political Economy, University of Chicago Press, vol. 81(3), pages 637-54, May-June.
- Tom K. Lee, 1982. "On the Reswitching Property of R&D," Management Science, INFORMS, vol. 28(8), pages 887-899, August.
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