The option to try again : valuing a sequence of dependent trials
In various fields of economic endeavor, agents enjoy the option to ₃try, try again.₄ Failure in a particular pursuit often brings renewed effort to finally succeed. Many areas of R&D could be characterized in this fashion. Our purpose is to define and measure the value of this option to try agai...
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| Format: | Working Paper |
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MIT Center for Energy and Environmental Policy Research
2009
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| Online Access: | http://hdl.handle.net/1721.1/45013 |