In this paper, we analyse the effects that the number and outcomes of R&D experiments have on the strategic equilibria between two firms that can both compete and cooperate in a context of uncertainty. As is well known, R&D projects are characterised by the sequentiality of investments and by the outcomes obtained from the success or failure of their experiments. Furthermore, the positive results and the number of tests carried out in R&D increase the market value of the innovative product. The Real Option Approach evaluates the flexibility of R&D investments and the strategic scenarios. According to Nash equilibria, we show how the market value threshold, for which the investment policy is optimal, depends on the number of experiments and on the information revelation.

在本文中，我们分析了研发实验的数量和结果对两家公司在不确定性条件下可以竞争和合作的公司之间的战略平衡的影响。众所周知，R＆D项目的特点是投资的顺序性以及实验成功或失败所获得的结果。此外，积极的结果和在研发中进行的测试数量提高了创新产品的市场价值。实物期权方法评估了研发投资和战略方案的灵活性。根据纳什均衡，我们显示出最佳投资政策的市场价值阈值如何取决于实验次数和信息披露。