Managing Invention and Innovation : From Delegated R & D to Implementation

@inproceedings{Poblete2014ManagingIA,
  title={Managing Invention and Innovation : From Delegated R & D to Implementation},
  author={Joaqu{\'i}n Poblete and Daniel F. Spulber},
  year={2014}
}
In a two-stage framework, a manager delegates invention and makes innovation decisions after observing the quality of the invention. The optimal contract for delegated R&D is shown to take the form of an option. The analysis extends the principal-agent model to allow the principal to implement the invention ex post. The analysis further extends the principal-agent model to consider experimental design with simultaneous sampling and sequential sampling. The discussion introduces a general… CONTINUE READING
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