A Study on Equilibrium Real Option Exercise Strategies based on Competitive Interactions
基于竞争互动的实物期权均衡执行战略研究

Based on the options game this paper studies strategic investment in duopoly where the costs of the two firms are asymmetric.Firstly,the expressions of the firm's value functions and optimal investment thresholds are deduced.Secondly,the paper investigates the two firms' strategy equilibriums and their types and existing conditions with considering negative externalities and positive externalities prospectively.Thirdly,we also discuss the effect of uncertainty to investment thresholds and the impact of uncertainty,first-mover advantage and second-mover advantage on equilibrium results and investment interval.Finally,the existence of optimal Perfect-Nash Equilibrium strategies is proved further by a numerical analysis.