Uncertainty, Learning, and the Economics of Parallel Research and Development Efforts¶
Nelson, R. R. (1961). Uncertainty, Learning, and the Economics of Parallel Research and Development Efforts. The Review of Economics and Statistics, 43(4), 351-364.
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1 citation across 1 artifact.
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Mechanisms¶
- R&D Portfolio Diversification
- This is the classic parallel-path strategy in R&D economics — funding several independent approaches to an uncertain goal precisely because no one can tell in advance which will pay off.
This sourceIntroduces the parallel-path strategy as an economic approach to uncertain research and development.
- This is the classic parallel-path strategy in R&D economics — funding several independent approaches to an uncertain goal precisely because no one can tell in advance which will pay off.
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