Dynamic project selection
研究公司如何通过内部资本市场在两个部门项目间动态选择，部门可随时暂停或恢复学习项目价值，最终通过两阶段投标机制最大化预期现金流。
We study a normative model of an internal capital market, used by a company to choose between its two divisions’ pet projects. Each project’s value is initially unknown to all but can be dynamically learned by the corresponding division. Learning can be suspended or resumed at any time and is costly. We characterize an internal capital market that maximizes the company’s expected cash flow. This market has indicative bidding by the two divisions, followed by a spell of learning and then firm bidding, which occurs at an endogenous deadline or as soon as either division requests it.