Article ID | Journal | Published Year | Pages | File Type |
---|---|---|---|---|
5098371 | Journal of Economic Dynamics and Control | 2015 | 16 Pages |
Abstract
This paper illustrates the new theory with a firm-level capital accumulation problem in which the manager has the option to sell the firm (be acquired) at any time. This situation may be relevant for certain high-tech start-ups that create intellectual property which may be of value to an acquiring firm and which is hard for an outside firm to tap in other ways (e.g., via licensing).
Related Topics
Physical Sciences and Engineering
Mathematics
Control and Optimization
Authors
Jonathan P. Caulkins, Gustav Feichtinger, Dieter Grass, Richard F. Hartl, Peter M. Kort, Andrea Seidl,