Why Entrepreneurs Choose Risky R&D Projects – But Still Not Risky Enough
研究企业家与在位企业在研发项目选择上的差异，发现企业家为降低预期进入成本而偏好高风险高潜力项目，但若产品差异化不足，其选择对社会而言仍过于保守，因为未考虑对在位企业的业务侵蚀效应。
This article examines how entrepreneurs and incumbents differ in their R&D strategies. We show that entrepreneurs have incentives to choose projects with a higher risk and a higher potential in order to reduce expected entry costs. If products are not too differentiated, entrepreneurs will select projects that are too safe from a social point of view, since they do not internalise the business stealing effect on incumbents. Entry support induces entrepreneurs to choose safer projects, whereas R&D support encourages entrepreneurship without affecting the type of entrepreneurship.