ダウンロード数: 488
タイトル: | Real Options in an Oligopoly Market |
著者: | Kijima, Masaaki Shibata, Takashi |
著者名の別形: | キジマ, マサアキ シバタ, タカシ |
キーワード: | investment decision strategic substitution NPV criterion sequential investment simultaneous investment |
発行日: | 2005 |
出版者: | Graduate School of Economics, Kyoto University |
引用: | Masaaki Kijima and Takashi Shibata; “Real Options in an Oligopoly Market”, The Kyoto Economic Review, Vol. 74, pp.47-64 (2005) . |
誌名: | The Kyoto Economic Review |
巻: | 74 |
号: | 1 |
開始ページ: | 47 |
終了ページ: | 64 |
抄録: | This paper considers strategic entry decisions in an oligopoly market when the underlying state variable follows a geometric Brownian motion. It is shown that, even in the oligopoly case, three types of equilibria exist as in the duopoly case. Also, the firm value as well as the trigger point for investment decision increases as the market uncertainty increases. The presence of strategic interactions may push the firms to invest earlier than the trigger point. Nevertheless, the investment decision is always later than the traditional NPV criterion, even when the number of potential firms becomes infinity. |
DOI: | 10.11179/ker.74.47 |
URI: | http://hdl.handle.net/2433/24839 |
出現コレクション: | Vol.74 No.1 |
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