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It shows that the faster technological substitution or innovation encourages the leader to invest earlier while induces the follower to invest later.
      
In this paper, we assume that the surplus of an insurer follows a Lévy risk process and the insurer would invest its surplus in a risky asset, whose prices are modeled by a geometric Brownian motion.
      
Comparing with the optimal timing without the expectation of a further new technology, the firm hastens to invest when no firm has invested; however, once one firm has invested first, the firm will delay its investment.
      
Conscription comples 70% of male Norwegians to invest 1 year of their lives in military training.
      
Some welfare states are high on transfers, others on services, and among services - some give priority to institutions, others invest more heavily in community (home) care.
      
Today, while the industrial countries invest on employment, they simultaneously do the same on leisure time and sports.
      
It is, first and foremost, for cheap labour and untapped markets that Singapore-Chinese entrepreneurs invest in China.
      
We hypothesised that the tendency to answer another male's calls decreases with distance because a male will invest less when answering becomes less relevant.
      
Nevertheless, males appeared to invest more in a breeding attempt when paired to a well plumed female by increasing copulation rates, mate attendance and nest site attendance.
      
We discuss the female advantage of receiving a large donation and why males invest more energy into the first mating while female post-mating behaviour is not affected.
      
Individuals should invest energy into current reproduction in relation to the possibility of gaining additional reproduction in the future.
      
Rather than advertising for or seeking extra-pair fertilization opportunities, high-quality pairs of finches may invest heavily in their mate to secure the pair bond and ensure high intrapair reproductive success.
      
Therefore, the presence of undecorated webs seemed to result from the silk reserve, which the spiders may invest on decoration-building, being depleted, rather than the aciniform glands being completely emptied.
      
We show that the way in which individual helpers invest in these two helping behaviours varies enormously across individuals and among social groups.
      
Documents also gain talismanic or 'fetish-like' properties, a view not far removed from evangelical theories of text that likewise invest documents with extraordinary capacities.
      
To increase the benefits from implementing biotechnology, countries need both to continuously invest in research and development in their biotechnology sector and to implement a series of complementary policies.
      
Reasons for failure to invest in prevention are outlined and the importance of implementing available knowledge about preventive and therapeutic strategies is stressed.
      
While confirming the existence of designer steroids is credit to the sports antidoping movement, antidoping agencies will need to continue to invest in research and depend on honest athletic participants to maintain fairness and safety in sports.
      
Only those managers who primarily invest in small-cap growth stocks with a high momentum deliver, on average, a positive risk-adjusted performance.
      
The paper closes with a plea for responsible authorities to invest in seismic monitoring networks in the very near future.
      
 

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