We refine modelling of the radical innovation decision in this paper by extending real option theory to include non … stochastic shocks imply that investment in radical innovation may very often be too time consuming and/or expensive to remain …

We extend Lazear's theory of skills variety and entrepreneurship in three directions. First, we provide a theoretical … that being a generalist does not seem to be important in this regard. Finally, we find that innovation positively moderates …