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Enterprise Investment Research Option Game

Author: XuZhen
Tutor: ShiHongYan
School: Shenyang University of Technology
Course: Applied Mathematics
Keywords: Real Options Option Game Bertrand model Incomplete Information
CLC: F275
Type: Master's thesis
Year: 2011
Downloads: 85
Quote: 0
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Abstract


Option game approach in recent years, the rapid development in the field of financial investment , a new method, which is in the real options theory and game theory developed on the basis of the decision analysis method , is considered to resolve existing investment decisions under conditions of competition issues new theories, new tools. Essentially in the traditional option pricing methods introduced competitive thinking game theory analysis in continuous time and under conditions of uncertainty multiplayer investment decision problem . In China's socialist market economy gradually improved in the context of research on the subject has important practical significance. Oligopolistic markets mostly make use of the business model analysis yourself or Bertrand pricing strategies of competitors , and the traditional Bertrand duopoly complete information model is a static model , has serious limitations , not for analysis does not complete information and dynamic market environment oligopolistic price competition. Therefore, in the traditional Bertrand model of the relevant studies, combined with dynamic decision-making and more oligopolistic market characteristics put forward a dynamic Bertrand duopoly model under the condition of complete information model and non- Bertrand complete information under Bertrand model , combined with examples validate its feasibility. Current Options Game on enterprise investment projects substantially confined to research condition of complete information , incomplete information for the option game under study are mostly beach type of real option games and share -based option game . While the dominant type of option game theory is relatively small , there is no systematic and effective approach. Therefore this paper, under the conditions of incomplete information dominant type of real option game has been studied from the investment timing strategy selection and strategy selection yields two dominant types studied real option game equilibrium strategy, on the basis of this equilibrium strategy , the use of option pricing methods and dynamic game knowledge to build a dominant type of real option game model , the model includes the leaders and followers of the real option value , present value and investment income balance thresholds and other factors, and validated through examples feasibility of the model .

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CLC: > Economic > Economic planning and management > Enterprise economy > Corporate Financial Management
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