Closing Date: March 31, 2006

The Erasmus School of Economics and Business Economics(www.few.eur.nl/few) is looking for a PhD student for the project ‘R&DValuation and Strategies in the Pharmaceutical Industry’.

The project aims at developing real option theory, heuristics andempirics as to analyze real options in the pharmaceutical industry.Game-theoretic concepts will be used to better understand the valuedynamics of R&D strategies in an uncertain competitive environment. Theproject is a cooperation between the finance section, strategy sectionand Erasmus MC (Medical Center). The position includes a small teachingload and should lead to a dissertation within 4 years.

Suitable candidiates should have a sound knowdledge of English andmathematics and have an interest in empirical and applied research. Theideal candidate possesses (or is close to completion of) a master degreein economics, econometrics, physics or mathematics.

We offer you an appointment as PhD student for a period of 4 years. Thegross monthly salary amounts € 1.877,- in the 1st year and increases to€ 2.407,- in the 4th year with a full-time appointment.

Applications should include an application letter, CV, list of coursesand grades, and (at least) two references. Applications must arrive byMarch 31, 2006 at Dr. Enrico Pennings, Erasmus University Rotterdam,Department of Applied Economics, Burg. Oudlaan 50, 3062PA Rotterdam, theNetherlands; email: pennings@few.eur.nl. Further Information can also beobtained from professor Han Smit (Jsmit@few.eur.nl).