Real Options Function for Survival of Biotech Start-ups in Commercializing Life Science Findings

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I studied decision-making models on the real options for biotech start-ups to survive in the death-valley(deficit-valley) and on the option-games for them to deal the strategic partnerships with large pharmaceutical companies, in the context of capital market after Lehman Shock in biotech industry, where science linkage is strong and start-ups are suitable for commercializing the life science findings. Especially I made proof of conceptual effectiveness in the timing option with jump-diffusion process at R&D, sequential compound switching option and stochastic optimization of license fee composite at strategic partnerships.