The comparative advantage of real options: an explanation for the US specialization in biotechnology
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Comparative advantage based on resource endowments cannot explain United States (U.S.) leadership in biotechnology. Sources of heterogeneity within the process of research and development (R&D) investment, such as international differences in the maximum per-period rate of investment and regulatory uncertainty, offer a plausible explanation that can be incorporated into a real options approach to investment.
AgBioForum 3(1) 2000: 47-52.