منابع مشابه
Developing real option game models
By mixing concepts from both game theoretic analysis and real options theory, an investment decision in a competitive market can be seen as a “game” between firms, as firms implicitly take into account other firms’ reactions to their own investment actions. We review several real option game models, suggesting which critical problems have been “solved” by considering game theory, and which sign...
متن کامل∗A Multi-stage Investment Game in Real Option Analysis†
This paper investigates an interaction between the managerial flexibility and the competition in a dynamic situation. The value of the flexibility can be valued as a real option while the competition can be analyzed with the game theory. We consider a multi-stage game with two firms under demand uncertainty. In the model, One firm called firm L firstly makes an investment decision, and the othe...
متن کاملSymmetric Equilibrium Strategies in Game Theoretic Real Option Models
This paper considers the problem of investment timing under uncertainty in a duopoly framework. When both firms want to be the first investor a coordination problem arises. Here, a method is proposed to deal with this coordination problem, involving the use of symmetric mixed strategies. The method is based on Fudenberg and Tirole (1985, Review of Economic Studies), where it was designed within...
متن کاملQuasi−option value under ambiguity
Real investments involving irreversibility and ambiguity embed a positive quasi−option value under ambiguity (q.o.v.a.), which modifies the evaluation of an investment decision involving depletion of natural resources by increasing the value of delaying. Q.o.v.a. depends on the specific decision−maker attitude towards ambiguity, expressed by a capacity on the state space. An empirical measure o...
متن کاملAmbiguity Aversion in Game Theory: Experimental Evidence
This paper studies games with ambiguity averse agents, focusing on the relationship between preferences, beliefs over opponent’s preferences, and behaviour in normal form games. Using a carefully chosen 3×2 normal form game we find that a subject’s risk and ambiguity preferences affect the subject’s behaviour in normal form games in the direction suggested by economic theories. In contrast, we ...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2015
ISSN: 1556-5068
DOI: 10.2139/ssrn.2550106