Technology Search Investments : Evolutionary, Option Reasoning, and Option Pricing Approaches  

Oleh:

Miller, Kent D. ; Arikan, Andac T.

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: Strategic Management Journal vol. 25 no. 5 (May 2004), page 473-486.
Topik: technology; bounded rationality; evolutionary theory; real options; simulations; technology search

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: SS30.15 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

How do firms allocate limited search resources among substituting technologies with uncertain prospects ? This paper contrasts threee different approaches. The first follows evolutionary theorists' portrayals of decision - making processes under bounded rationality. The second approach real option reasoning fosters flexibility by investing in more than one technology and postponing the decision to specialize. Following the third approach real option pricing firms base their search investments on forward - looking calculations of technology option prices. We lay out the contrasting theoretical assumptions behind each of these three appraoches and construct a simulation model to compare their implications.

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