Strategic investment under uncertainty: A synthesis

被引：70

作者：

Chevalier-Roignant, Benoit ^{[1
]}

Flath, Christoph M. ^{[2
]}

Huchzermeier, Arnd ^{[1
]}

Trigeorgis, Lenos ^{[3
]}

机构：

[1] WHU Otto Beisheim Sch Management, D-56179 Vallendar, Germany

[2] Karlsruhe Inst Technol, Inst Informat Syst & Management, D-76131 Karlsruhe, Germany

[3] Univ Cyprus, Dept Publ & Business Adm, CY-1678 Nicosia, Cyprus

来源：

EUROPEAN JOURNAL OF OPERATIONAL RESEARCH | 2011年 / 215卷 / 03期

关键词：

Finance; Investment analysis; Real options; Strategic investment; Option games; REAL-OPTIONS; IRREVERSIBLE INVESTMENT; TECHNOLOGY ADOPTION; GAMES; EQUILIBRIUM; INFORMATION; COMPETITION; PREEMPTION; OLIGOPOLY; EXERCISE;

D O I：

10.1016/j.ejor.2011.05.038

中图分类号：

C93 [管理学];

学科分类号：

12 ; 1201 ; 1202 ; 120202 ;

摘要：

Investment is a central theme in economics, finance, and operational research. Traditionally, the focus of analysis has been either on assessing the value of flexibility (investment under uncertainty) or on describing commitment effects in competitive settings (industrial organization). Research contributions addressing the intersection of investment under uncertainty and industrial organization have become numerous in recent years. In this paper, we provide an overview aimed at categorizing and relating these research streams. We highlight managerial insights concerning the nature of competitive advantage (first- versus second-mover advantage), the manner in which information is revealed, firm heterogeneity, capital increment size, and the number of competing firms. (C) 2011 Elsevier B.V. All rights reserved.

引用

页码：639 / 650

页数：12

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