Optimal Dynamic R&D Programs

We study the optimal pattern of outlays for a single firm pursuing an R&D program over time. In the deterministic case, (a) the amount of progress required to complete the project is known, and (b) the relationship between outlays and progress is known. In this case, it is optimal to increase effort

本文针对单一企业在一段时期内开展研发（Research and Development, R&D）项目的情形，研究其最优支出模式。在确定性情形下，(a) 完成该项目所需的研发进展总量为已知条件，(b) 研发支出与研发进展之间的关联关系亦为已知条件。在此情形下，最优策略为提升研发投入。