Does cheaper, faster, or better imply sooner in the timing of innovation decisions?

Article Abstract:

The notion of enhanced returns to scale in research and development activity is the root of a common myth or concept that large companies create a disproportionate share of innovations. Three types of informational returns to scale are considered: cheaper, better, and faster. The effect of each type of informational return to scale on the timing of the company's innovation design is examined. Contrary to popular opinion, decisions tend to be delayed when information is relatively cheap. Timing change is unsignable when information arrives faster. Only better or more accurate data leads to earlier decision-making.

Analysis, Management, Business, Innovations, Industrial research, Diffusion of innovations

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Uncertain search: a model of search among technologies of uncertain values

Article Abstract:

The uncertain search problem merges characteristics of the standard search problem with that of the standard uncertainty resolution problem. Thus, the uncertain search problem features the sequential selection of an item from a pool and combines it with the uncertain value of the selected item. An application of the uncertain search problem is applied in the context of new technology adoption. The application models the uncertainty regarding the viability of a technology and couples it with the possible emergence of competing technologies not yet known.

Research, Technological innovations, Dynamic programming

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