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Traditional investment analysis methods for lack of flexibility cannot adapt to changing realities very well, so real options game theory which takes into account uncertainty and competition is introduced. This paper establishes an analysis model that incorporates real options and game theory to discuss investment strategies about technology innovation projects under three uncertain and competitive...
In a three-stage dynamic game model, the article studies the relationship between investments financing and product market competition in the case that the enterprise's debt financing strategy is made after making research and development investment strategy under uncertain circumstance. The research show that under the enterprise's margin income increasing with market demand booming, the increase...
This paper derives the firm value and the investment strategy (investment timing, debt financing, leverage, and endogenous default) when an entrepreneur makes a real investment with debt financing both in monopoly and in duopoly. In particular, we clarify the effects of the entrepreneur??s financial constraint where a part of the investment cost must be financed by debt. The leverage and the credit...
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