Abstract
The R&D investment by alliance is difficult to evaluate since it has more uncertain factors than other investment. In order to develop an evaluation method for such investment, there is a research field that applies real options to an evaluation method for such investment. Among literature on this issue, the study by Smit & Trigeorgis (2004) is well known as a representative one because they quantitatively evaluate how each uncertain factor influences. With a premise different from that of Smit & Trigeorgis (2004), we experiment how alliance influences on R&D investment. This paper reports the result of our experiment, and discusses the validity of our experiment and the availability of real options.
