【摘要】 目前在对实物期权的研究中,存在着忽视市场竞争对实物期权价值影响的问题,其结果造成项目价值的高估。通过引入价格带的方法,探讨在完全独占和竞争性的情况下实物期权的价值变化,进而指出,由于忽视市场竞争对实物期权价值的影响,会造成项目价值的高估而导致错误的决策。更多还原

【Abstract】 In the valuation of real options,researchers often neglect the effect of competition on the value of real options while overvaluing real options.This paper examines the difference of the value of real options under different conditions by introducing price band.It finds real options may be overvalued when competition is neglected,which can leads to wrong decisions.更多还原