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The Source Of Comparative Advantage In The Biotechnology Industry: A Real Options Approach

  • Lavoie, Brian F.
  • Sheldon, Ian M.
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    Sources of heterogeneity within the process of 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 paper 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.

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    File URL: http://purl.umn.edu/21508
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    Paper provided by American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association) in its series 1999 Annual meeting, August 8-11, Nashville, TN with number 21508.

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    Date of creation: 1999
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    Handle: RePEc:ags:aaea99:21508
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    1. Pindyck, Robert S., 1993. "Investments of uncertain cost," Journal of Financial Economics, Elsevier, vol. 34(1), pages 53-76, August.
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