Francisco Ruiz-Aliseda

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INSEAD, and he would like to thank all the members of this institution for their hospitality during his stay, as well as for financial support for his research. Casadesus-Masanell is grateful to the HBS Division of Research. We gratefully acknowledge financial support from the NET Institute (www.netinst.org) and the Abstract Katz and Shapiro (1985) study(More)
A large portion of innovators do not patent their inventions. This is a relative puzzle since innovators are often perceived to be at the mercy of imitators in the absence of legal protection. In practice, innovators however invest actively in making their products technologically hard to reverse-engineer. We consider the dynamics of imitation and(More)
The real options literature has provided new insights on how to manage irreversible capital investments whose payoffs are always uncertain. Two of the most important predictions from such theory are: (i) greater risk delays a firm's investment timing, and (ii) greater risk increases the option value of waiting. This paper challenges such conclusions in a(More)
Empirical examination of certain industries shows heterogeneity on the degree of specificity of the assets employed by different firms. This paper studies why such asymmetries may be observed based on the strategic implications of asset specificity in an uncertain environment. To this end, we present a new class of real options games with a binary entry(More)
The Public-Private Center is a Research Center based at IESE Business School. Its mission is to develop research that analyses the relationships between the private and public sectors primarily in the following areas: regulation and competition, innovation, regional economy and industrial politics and health economics. Research results are disseminated(More)
We study an oligopoly model of entry over the product life cycle based on empirical evidence of demand for a new product growing over time and eventually falling. Yet, we assume that firms do not know ex ante when this can occur, which creates incentives to update information by delaying irreversible entry. Our model distinguishes and explains different(More)
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