Dynamic patent races with risky choices
Management Science
Expenditure patterns and timing of patent protection in a competitive R&D environment
Operations Research Letters
A Stochastic Competitive R&D Race Where “Winner Takes All”
Operations Research
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We consider investments in development projects within competitive environments where the ''winner takes everything''. Under stationary uncertainty, it is optimal to start investing immediately at full capacity and continue until exhausting the allocated budget. For non-stationary environments, active investment, possibly deferred, will always be at full capacity; an example demonstrates that further tractable structure may not be available.