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Research on Real Options Pricing Methods under Option Games

Author: LiuXiangFang
Tutor: ZuoWenXiu
School: Xi'an University of Technology
Course: Technology Economics and Management
Keywords: Game Option pricing method Real Options Complete information
CLC: F224
Type: Master's thesis
Year: 2005
Downloads: 523
Quote: 7
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Abstract


With the development of the global economy , especially the accelerated pace of global integration process over the country 's economy is booming , investment activities have become increasingly frequent , widening investment , improve the work of the project investment of China 's economic development has a very important significance . The investment in the project you first need a scientific assessment of the value of the project for the shortcomings of the traditional discounted cash flow (DCF) method in the project evaluation , Myers (1977) and Ross (1978) proposed a real options approach to evaluate investment projects operating flexible values ??. Descendants based on a variety of improvements , its approach is the introduction of financial option pricing model to the real option pricing , a good evaluation of the value of the operating flexibility of the project , and thus get a wide range of applications . Traditional real option pricing method there is a basic assumption : an investor alone as a project value of real options , real options is exclusive . But in the real market conditions , especially with the gradual improvement of China 's market economic system , the absolute monopoly is being gradually break down , often there are multiple investors at the same time has a project investment rights , competition becomes investors more and more common , the real options value of this competition will impact existing real option pricing method does not take into account this effect . The content of this article is mainly for these shortcomings of the traditional real option pricing method expand the analysis and classification of the characteristics of a real option as a starting point , first by the presence of competitors of real options for the project is divided into two exclusive and Sharing and in accordance with the number of competitors in the party has priority tenure , sharing real option is further divided into shared and dominant two real options . On this basis , this paper application of game theory with real options pricing analysis to determine each market participant shared and dominant real option value . Order to clearly illustrate the competition between enterprises on the value of real options , expand the description as follows : First , the use of the real options approach to traditional exclusive real options price

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CLC: > Economic > Economic planning and management > Economic calculation, economic and mathematical methods > Economic and mathematical methods
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