摘要
基于投资决策活动中成本的不可逆性、不确定性以及市场竞争等因素,分析市场需求对企业研发投资决策的影响,建立离散型两阶段期权博弈模型.在传统模型中引入新变量——经营成本,综合考虑技术溢出和吸收能力对项目投资临界值的影响,得到领导者企业和追随者企业在每个阶段的投资策略.
Real option approach emphasizes the indivisibility and irreversibility of R&D project,but the impact of competitive interactions among competitors drastically erodes the value of the option to wait,and leads to investment at very low value threshold.This paper uses the theory of real options & games to analyze investment under demand uncertainty and market competition.In allusion to the factors of cost irreversibility,uncertainty and market competition,this paper emphasizes particularly the effects of marke...
出处
《深圳大学学报（理工版）》
EI
CAS
北大核心
2009年第1期102-105,共4页
Journal of Shenzhen University(Science and Engineering)
基金
国家哲学社会科学创新基地资助项目
关键词
投资决策
期权博弈
实物期权
investment decision
option-game
real option
