简介:ThepapermodelsthearrivalofheterogeneousinformationduringR&DstagesasadoublystochasticPoissonprocess(DSPP).Thenewproductmarketintroductionisthoughtofasoptiononanoption(acompoundoption).ThispaperderivesananalyticapproximationvaluationformulafortheR&Doption,anddemonstratesthattheaccountsforheterogeneousinformationarrivalmayreducethepricingbiases.Thisway,thegapbetweenrealoptiontheoryandthepracticeofdecisionmakingwithrespecttoinvestmentinR&Disdiminished.