Real Option Binomial Model on R&D Investment Decision Under Competition
Based on the summarization of the deficiencies in traditional investment theories, the option game property of Research & Development(R&D) investment is presented in this paper. According to the competing condition of the two sides in a game and the exclusiveness in options, the game strategy matrix of R&D investment is established. The binominal option pricing model is applied in the competitive situation, and the game option is extended from single-phase to two phases. The option values and corresponding strategy combinations of R&D investment are analyzed quantitatively, and the influence of technology investment type and competitor reaction type on R&D investment decision-making is discussed. Finally, further research directions and suggestions are presented.
R&D investment real option option game binomial
SUN Yanmei SUN Changxiong
School of Management, Harbin Institute Technology of School, China, 150001
国际会议
The 5th International Sympsium for Corporate Governance(第五届公司治理国际研讨会)
天津
英文
146-153
2009-09-01（万方平台首次上网日期，不代表论文的发表时间）