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Model Description

In: The Value of Information Updating in New Product Development

Author

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  • Christian Artmann

    (Immenstadt)

Abstract

This chapter defines the information updating valuation model. Since our model builds upon an extended version of the before mentioned model for valuing managerial flexibility in R&D projects developed by Huchzermeier and Loch (2001), we will start with a brief description of it. In Section 3.2, we gradually derive the Bayesian updating formulation for an update of the mean and the variance of the market requirement distribution. This information updating framework is then integrated into a valuation model that allows to determine the value of an information update given managerial flexibility (Section 3.3).

Suggested Citation

  • Christian Artmann, 2009. "Model Description," Lecture Notes in Economics and Mathematical Systems, in: The Value of Information Updating in New Product Development, chapter 3, pages 1-48, Springer.
    • Handle: RePEc:spr:lnechp:978-3-540-93833-0_3
    DOI: 10.1007/978-3-540-93833-0_3
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