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Review of Finance
In this article we develop a model to analyze patent-protected R&D investment projects when there is (imperfect) competition in the development and marketing of the resulting product. The competitive interactions that occur substantially complicate the solution of the problem since the decision maker has to take into account not only the factors that affect her/his own decisions, but also the factors that affect the decisions of the other investors. The real options framework utilized to dealdoi:10.1007/s10679-004-2543-z fatcat:dslcmwxmnvhhvbzmktdtkdmjrm