Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/45153
Authors: 
Gries, Thomas
Naudé, Wim
Year of Publication: 
2009
Series/Report no.: 
Research paper / UNU-WIDER 2009.39
Abstract: 
The success of new start-up firms often depends on timing. It is valuable for the potential entrepreneur to wait for the right moment before starting a new firm. In this paper we provide a theoretical model to determine the optimal time for starting a new firm. We integrate insights from the real option theory with the theory on entrepreneurial market entry. An important and novel feature of our model is that it allows the start-up timing decisions of novice and serial entrepreneurs to be distinguished.
Subjects: 
entrepreneurship
serial entrepreneurship
start-ups
real options
stochastic optimal control
JEL: 
D92
D81
L26
M3
ISBN: 
978-92-9230-210-8
Document Type: 
Working Paper

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