Option Game on R&D Investment Decision under Uncertainty: The Case of Labor-managed and Profit-mazimizing Firms

摘要：

Based on the uncertainty of market size and results of R&D, combining with characters of labor-managed firms, we develop a model of technology innovation in the duopoly market of labor-managed and profit-maximizing firm coexisting, and analysis the effects of some facts on option value of R&D investment in the labor-managed firm. Our results show that option value of R&D investment in the labor-managed firm is proportional to the raise of labor’s productivity, and inversely proportional to the maximal investment of successful R&D. However, option value of R&D investment in the labor-managed firm has uncertain relation to its own R&D investment and expectant market size, which is different from the results of profit-maximizing firms.

作者: Luo Jianli Zhong Weijun

作者单位: School of Business, Wenzhou University, Wenzhou,CO 325035 China School of Economics and Management, School of Economics and Management, Southeast University, Nanjing CO 211102 China

会议类型: 国际会议

会议名称: 2009 IEEE International Conference on Grey System and Intelligent Services(2009 IEEE灰色系统与服务科学国际会议)

会议地点: 南京

会议语种:英文

页码: 1172-1176

在线出版日期: 2009-10-20（万方平台首次上网日期，不代表论文的发表时间）