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Optimal Dynamic R&D Programs
[report]
1985
unpublished
We study the optimal pattern of outlays for a single firm pursuing an R&D program over time. In the deterministic case, (a) the amount of progress required to complete the project is known, and (b) the relationship between outlays and progress is known. In this case, it is optimal to increase effort over time as the project nears completion. Relaxing (a), we find in general a simple, positive relationship between the optimal expenditure rate at any point in time and the (expected) value at that
doi:10.3386/w1658
fatcat:fe3ify6d7fexxds6nkyafl73ey