While open innovation appears to be a component for innovation in the firms, the behaviors required for its adoption are less clear-cut. Our paper explores how the choices of firms to be open to different external actors are related to the choices they make about their risk and openness perceptions, that is, their individual approach to deciding whether to open or not in a risk context of innovative projects considering the uncertain sharing of the future value. Our experimental and behavioral approaches show that the paradoxical adoption behaviors of the entrepreneur or decision-maker result from both myopia and bounded rationality, and are amplified by loss aversion.
Our results suggest that this degree differs according to the type of partner, as well as the type of openness. Our contribution provides new insights into the behavior of the various players in the value chain, enabling public authorities and/or institu- tional bodies to better shape collective projects that provide access to technological advances, and thereby discreetly change market conditions.
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