The real option game theory is a new effective method to analyze the project investment decision containing uncertain factors in the incomplete competition circumstance. Based on the introduction of the development of...The real option game theory is a new effective method to analyze the project investment decision containing uncertain factors in the incomplete competition circumstance. Based on the introduction of the development of real option game method, this paper puts forward a real option game model to research on the investment opportunity and investment strategy of technology innovation involved two competitors. The varies of the value of project bring on three kinds of game equilibrium, that is the corporate investment equilibrium strategy, the leader ＆ follower investment equilibrium strategy and the corporate delay equilibrium strategy.展开更多
One of the remarkable characteristics of the current development of China's national economy is the increase of uncertainties, which makes the traditional method more and more unsuitable for the current economic d...One of the remarkable characteristics of the current development of China's national economy is the increase of uncertainties, which makes the traditional method more and more unsuitable for the current economic development in the real estate investment process. Based on the option game theory, the investment decision making of real estate is analyzed here, the investment optimization mathematic model established, and Nash Equilibrium discussed. Through case studies, we analyze the application of game option in the real estate, which is put under symmetrical duopoly. The conclusions will contribute to both the theory on and practice of the present investment in the real estate enterprise.展开更多
In this paper, we characterize the players’ behavior in the stock market by the repeated game model with asymmetric information. We show that the discount price process of stock is a martingale driven by Brownian mot...In this paper, we characterize the players’ behavior in the stock market by the repeated game model with asymmetric information. We show that the discount price process of stock is a martingale driven by Brownian motion, and give an endogenous explanation for the random fluctuation of stock price: the randomizations in the market is due to the randomizations in the strategy of the informed player which hopes to avoid revealing his private information. On this basis, through studying the corresponding option pricing problem furtherly, we can give the expression of function<em> φ</em>.展开更多
文摘The real option game theory is a new effective method to analyze the project investment decision containing uncertain factors in the incomplete competition circumstance. Based on the introduction of the development of real option game method, this paper puts forward a real option game model to research on the investment opportunity and investment strategy of technology innovation involved two competitors. The varies of the value of project bring on three kinds of game equilibrium, that is the corporate investment equilibrium strategy, the leader ＆ follower investment equilibrium strategy and the corporate delay equilibrium strategy.
文摘One of the remarkable characteristics of the current development of China's national economy is the increase of uncertainties, which makes the traditional method more and more unsuitable for the current economic development in the real estate investment process. Based on the option game theory, the investment decision making of real estate is analyzed here, the investment optimization mathematic model established, and Nash Equilibrium discussed. Through case studies, we analyze the application of game option in the real estate, which is put under symmetrical duopoly. The conclusions will contribute to both the theory on and practice of the present investment in the real estate enterprise.
文摘In this paper, we characterize the players’ behavior in the stock market by the repeated game model with asymmetric information. We show that the discount price process of stock is a martingale driven by Brownian motion, and give an endogenous explanation for the random fluctuation of stock price: the randomizations in the market is due to the randomizations in the strategy of the informed player which hopes to avoid revealing his private information. On this basis, through studying the corresponding option pricing problem furtherly, we can give the expression of function<em> φ</em>.
