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运用期权博弈方法,研究了成本不对称双头垄断企业战略投资决策问题.首先给出企业价值函数和投资临界值的显性表达式;分别针对正和负的外部性,对两企业实物期权均衡执行战略进行了深入研究,给出了均衡存在形式及其条件,以及各均衡最优投资策略规则;并探讨了不确定对投资临界值,以及不确定、先动优势及后动优势对均衡形成和企业投资时间间隔的影响;最后,通过数值释例给出了几个最优投资策略的精练纳什均衡解.
This paper studies the strategic investment decision-making of duopoly enterprises with asymmetric cost by using the option game theory.First, the explicit expression of firm value function and investment critical value is given. For positive and negative externality, Strategy, and gives the forms and conditions of equilibrium existence and the rules of optimal equilibrium investment strategy. It also discusses the relationship between the critical value of investment and the formation of equilibrium Finally, the refined Nash equilibrium solutions of several optimal investment strategies are given by means of numerical examples.