تصمیمات سرمایه گذاری در انحصار زندگی محدود
|کد مقاله||سال انتشار||مقاله انگلیسی||ترجمه فارسی||تعداد کلمات|
|42303||2014||18 صفحه PDF||سفارش دهید||12107 کلمه|
Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)
Journal : Journal of Economic Dynamics and Control, Volume 46, September 2014, Pages 219–236
This paper studies the value and optimal timing for investment in finite-lived monopolies, extending the literature on real option games by considering the cases of random and certain-lived monopolies. Under these settings, firms face the risk of demonopolization, that can occur as a random or a certain event. We show that these new settings produce significantly different results when compared to the canonical monopolistic and duopolistic models. In a certain-lived monopoly, the leader invests sooner than in a duopoly if there is a risk of being preempted, and later than in a monopoly if the leader role is pre-assigned. In a random-lived monopoly, entry occurs somewhere between the duopoly and monopoly cases. Higher uncertainty delays investment in all cases.