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- catalog abstract "In contrast to the substantial literature on how firms should allocate R&D, less research addresses how managers actually allocate R&D funds across potential projects. We develop two models of R&D resource allocation under risk, based on assumptions of utility maximization and behavioral mechanisms of prospect theory. The models assume consistent but not profit-maximizing behavior and demonstrate how resources, managerial risk propensity, and aspiration reference levels interact to influence the level of R&D spending, the expected number of patents, and the probability of a breakthrough patent. The behavioral assumptions of prospect theory result in predictions of hunger-driven innovative search and breakthroughs; surprisingly, the same assumptions also predict slack-driven search breakthroughs.".
- catalog contributor b12963592.
- catalog contributor b12963593.
- catalog contributor b12963594.
- catalog created "c2003.".
- catalog date "2003".
- catalog date "c2003.".
- catalog dateCopyrighted "c2003.".
- catalog description "In contrast to the substantial literature on how firms should allocate R&D, less research addresses how managers actually allocate R&D funds across potential projects. We develop two models of R&D resource allocation under risk, based on assumptions of utility maximization and behavioral mechanisms of prospect theory. The models assume consistent but not profit-maximizing behavior and demonstrate how resources, managerial risk propensity, and aspiration reference levels interact to influence the level of R&D spending, the expected number of patents, and the probability of a breakthrough patent. The behavioral assumptions of prospect theory result in predictions of hunger-driven innovative search and breakthroughs; surprisingly, the same assumptions also predict slack-driven search breakthroughs.".
- catalog description "Includes bibliographical references.".
- catalog extent "46 p. :".
- catalog isPartOf "Working paper (Harvard Business School. Division of Research) ; 03-099.".
- catalog isPartOf "Working paper / Division of Research, Harvard Business School ; 03-099".
- catalog issued "2003".
- catalog issued "c2003.".
- catalog language "eng".
- catalog publisher "[Boston] : Division of Research, Harvard Business School,".
- catalog title "A prospect theory model of R&D allocation and invention / Philip Bromiley, Lee Fleming.".
- catalog type "text".