Option Exercise Games: The Intersection Of Real Options And Game Theory
While the real options approach has proven useful in providing an analytical framework for analyzing the timing of investment decisions, a notable failure of the approach has been an almost complete lack of strategic considerations. In standard real options models, invest-ment (and exercise) strategies are for-mulated in isolation, without considering the potential impact of other firms' exercise strategies. This paper illustrates how the intersection of real options and game theory provides powerful new insights into the behavior of economic agents under uncertainty. 2000 Morgan Stanley.
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Volume (Year): 13 (2000)
Issue (Month): 2 ()
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