【摘要】 根据技术商品多阶段性、高风险性和不确定性的典型特点,给出描述其价值变化的随机过程方程.结合实物期权方法,建立相应的复合期权定价模型,采用逆时序方法求得解析解.算例表明,该定价模型避免了市场比较法、收益现值法和重置成本法在价值评估中的缺陷.更多还原

【Abstract】 Stochasic differential equations were applied to describe the value behavior of technology products according to their typical characteristics,such as,multiplestage,high ricky and uncertainty.Combined with the real option approach,a twostage compound real option pricing model is built up and an analytical solution acquired using a reverse chronological order approach.Numerical results showed that the model can overcome the defectiveness of market comparison approach,income present value approach and replacement cost approach.更多还原