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A utility approach to R & D decisions
Author(s) -
Monks J. G.
Publication year - 1976
Publication title -
randd management
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.253
H-Index - 102
eISSN - 1467-9310
pISSN - 0033-6807
DOI - 10.1111/j.1467-9310.1976.tb01086.x
Subject(s) - value (mathematics) , computer science , base (topology) , operations research , microeconomics , risk analysis (engineering) , economics , business , engineering , mathematics , machine learning , mathematical analysis
The traditional monetarily based economic model is inadequate as a guide to responsible R & D decisions. Modern utility theory, on the other hand, can incorporate intangible factors and has a value system base. Both techniques are compared via a case example, which results in some social implications of utility based decisions.