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Author : Alexander Kwok-Wah Fung
Publisher :
ISBN 13 :
Total Pages : 414 pages
Book Rating : 4.:/5 (89 download)
Download or read book Entry and Exit Decisions with Competition Under Uncertainty written by Alexander Kwok-Wah Fung and published by . This book was released on 1995 with total page 414 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Avinash K. Dixit
Publisher :
ISBN 13 :
Total Pages : 38 pages
Book Rating : 4.:/5 (839 download)
Download or read book Entry and Exit Decisions Under Uncertainty written by Avinash K. Dixit and published by . This book was released on 1988 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Robert K. Dixit
Publisher : Princeton University Press
ISBN 13 : 1400830176
Total Pages : 484 pages
Book Rating : 4.4/5 (8 download)
Download or read book Investment under Uncertainty written by Robert K. Dixit and published by Princeton University Press. This book was released on 2012-07-14 with total page 484 pages. Available in PDF, EPUB and Kindle. Book excerpt: How should firms decide whether and when to invest in new capital equipment, additions to their workforce, or the development of new products? Why have traditional economic models of investment failed to explain the behavior of investment spending in the United States and other countries? In this book, Avinash Dixit and Robert Pindyck provide the first detailed exposition of a new theoretical approach to the capital investment decisions of firms, stressing the irreversibility of most investment decisions, and the ongoing uncertainty of the economic environment in which these decisions are made. In so doing, they answer important questions about investment decisions and the behavior of investment spending. This new approach to investment recognizes the option value of waiting for better (but never complete) information. It exploits an analogy with the theory of options in financial markets, which permits a much richer dynamic framework than was possible with the traditional theory of investment. The authors present the new theory in a clear and systematic way, and consolidate, synthesize, and extend the various strands of research that have come out of the theory. Their book shows the importance of the theory for understanding investment behavior of firms; develops the implications of this theory for industry dynamics and for government policy concerning investment; and shows how the theory can be applied to specific industries and to a wide variety of business problems.
Author : Eduardo S. Schwartz
Publisher : MIT Press
ISBN 13 : 9780262693189
Total Pages : 890 pages
Book Rating : 4.6/5 (931 download)
Download or read book Real Options and Investment Under Uncertainty written by Eduardo S. Schwartz and published by MIT Press. This book was released on 2004 with total page 890 pages. Available in PDF, EPUB and Kindle. Book excerpt: The study of investment under uncertainty was stagnant for several decades until developments in real options revitalized the field. The topics covered in this book include the reasons behind the under-investment programme.
Author :
Publisher :
ISBN 13 :
Total Pages : 30 pages
Book Rating : 4.:/5 (92 download)
Download or read book Optimal Entry and Exit Decisions Under Uncertainty with Learning Process written by and published by . This book was released on 1992 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Jianjun Wu
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (613 download)
Download or read book Commitment Under Uncertainty written by Jianjun Wu and published by . This book was released on 2005 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation studies irreversible entry and exit decision under uncertainty and its strategic implications with a new real options framework. In contrast to traditional models, this new real options setup is more appealing in two aspects: it provides an intuitive economic explanation of a firm's investment timing decision and it is much easier to tract mathematically. Based on this framework, the dissertation studies a continuous-time game of competition for Stackelberg leadership. The emphasis is placed on the effect of option value on a firm's preemptive incentive, especially on the credibility of firm's capacity commitment and entry timing.
Author : Benoit Chevalier-Roignant
Publisher : MIT Press
ISBN 13 : 0262526719
Total Pages : 517 pages
Book Rating : 4.2/5 (625 download)
Download or read book Competitive Strategy written by Benoit Chevalier-Roignant and published by MIT Press. This book was released on 2014-08-29 with total page 517 pages. Available in PDF, EPUB and Kindle. Book excerpt: A new paradigm for balancing flexibility and commitment in management strategy through the amalgamation of real options and game theory. Corporate managers who face both strategic uncertainty and market uncertainty confront a classic trade-off between commitment and flexibility. They can stake a claim by making a large capital investment today, influencing their rivals' behavior, or they can take a “wait and see” approach to avoid adverse market consequences tomorrow. In Competitive Strategy, Benoît Chevalier-Roignant and Lenos Trigeorgis describe an emerging paradigm that can quantify and balance commitment and flexibility, “option games,” by which the decision-making approaches of real options and game theory can be combined. The authors first discuss prerequisite concepts and tools from basic game theory, industrial organization, and real options analysis, and then present the new approach in discrete time and later in continuous time. Their presentation of continuous-time option games is the first systematic coverage of the topic and fills a significant gap in the existing literature. Competitive Strategy provides a rigorous yet pragmatic and intuitive approach to strategy formulation. It synthesizes research in the areas of strategy, economics, and finance in a way that is accessible to readers not necessarily expert in the various fields involved.
Author : Timothy Dunne
Publisher :
ISBN 13 :
Total Pages : 55 pages
Book Rating : 4.:/5 (13 download)
Download or read book Entry, Exit, and the Determinants of Market Structure written by Timothy Dunne and published by . This book was released on 2014 with total page 55 pages. Available in PDF, EPUB and Kindle. Book excerpt: Market structure is determined by the entry and exit decisions of individual producers. These decisions are driven by expectations of future profits which, in turn, depend on the nature of competition within the market. In this paper we estimate a dynamic, structural model of entry and exit in an oligopolistic industry and use it to quantify the determinants of market structure and long-run firm values for two U.S. service industries, dentists and chiropractors. We find that entry costs faced by potential entrants, fixed costs faced by incumbent producers, and the toughness of short-run price competition are all important determinants of long run firm values and market structure. As the number of firms in the market increases, the value of continuing in the market and the value of entering the market both decline, the probability of exit rises, and the probability of entry declines. The magnitude of these effects differ substantially across markets due to differences in exogenous cost and demand factors and across the dentist and chiropractor industries. Simulations using the estimated model for the dentist industry show that pressure from both potential entrants and incumbent firms discipline long-run profits. We calculate that a seven percent reduction in the mean sunk entry cost would reduce a monopolist firm's long-run profits by the same amount as if the firm operated in a duopoly.
Author : Alexei Zhdanov
Publisher :
ISBN 13 :
Total Pages : 40 pages
Book Rating : 4.:/5 (129 download)
Download or read book Competitive Equilibrium With Debt written by Alexei Zhdanov and published by . This book was released on 2007 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies the interaction among financing, entry, and exit decisions of firms in a competitve industry subject to aggregate uncertainty. In contrast to Fries, Miller and Perraudin (1997), I do not assume that a firm in default leaves the industry immediately. The implications on the optimal leverage ratios and equilibrium credit spreads are discussed. It is shown that by incorporating the effect of competition, the model results in significantly higher credit spreads than those predicted by traditional single-firm models. Dynamic capital structure strategies in a competitive industry are also examined. The model renders a number of empirical predictions regarding leverage ratios and credit spreads of firms in a competitive industry.
Author : Hans-Werner Sinn
Publisher : North Holland
ISBN 13 :
Total Pages : 388 pages
Book Rating : 4.F/5 ( download)
Download or read book Economic Decisions Under Uncertainty written by Hans-Werner Sinn and published by North Holland. This book was released on 1983 with total page 388 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Manfred Neumann
Publisher : Edward Elgar Publishing
ISBN 13 : 1849806063
Total Pages : 431 pages
Book Rating : 4.8/5 (498 download)
Download or read book The International Handbook of Competition written by Manfred Neumann and published by Edward Elgar Publishing. This book was released on 2013-01-01 with total page 431 pages. Available in PDF, EPUB and Kindle. Book excerpt: ÔThis comprehensive Handbook demonstrates that academic thinking, new and old, has a role to play in shaping modern competition policy.Õ Ð Gunnar Niels, Oxera This indispensable Handbook examines the interface of competition policy, competition law and industrial economics. The book aims to further our understanding of how economic reasoning and legal expertise complement each other in defining the fundamental issues and principles in competition policy. In specially commissioned chapters the book provides a scholarly review of economic theory, empirical evidence and standards of legal evaluation with respect to monopolization of markets, exploitation of market power and mergers, among other issues. The International Handbook of Competition Ð Second Edition will be accessible to a wide audience including students of economics and law, public administrators, lawyers, consultants, and business executives.
Author : M. Chronopoulos
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (829 download)
Download or read book Investment Decision Making Under Uncertainty written by M. Chronopoulos and published by . This book was released on 2011 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Traditional real options analysis addresses investment under uncertainty assuming a risk-neutral decision maker and complete markets. In reality, however, decision makers are often risk averse and markets are incomplete. Additionally, capital projects are seldom now-or-never investments and can be abandoned, suspended, and resumed at any time. In this thesis, we develop a utility-based framework in order to examine the impact of operational flexibility, via suspension and resumption options, on optimal investment policies and option values. Assuming a risk-averse decision maker with perpetual options to suspend and resume a project costlessly, we confirm that risk aversion lowers the probability of investment and demonstrate how this effect can be mitigated by incorporating operational flexibility. Also, we illustrate how increased risk aversion may facilitate the abandonment of a project while delaying its temporary suspension prior to permanent resumption. Besides timing, a firm may have the freedom to scale the investment's installed capacity. We extend the traditional real options approach to investment under uncertainty with discretion over capacity by allowing for a constant relative risk aversion utility function and operational flexibility in the form of suspension and resumption options. We find that, with the option to delay investment, increased risk aversion facilitates investment and decreases the required investment threshold price by reducing the amount of installed capacity. We explore strategic aspects of decision making under uncertainty by examining how duopolistic competition affects the entry decisions of risk-averse investors. Depending on the discrepancy between the market share of the leader and the follower, greater uncertainty may increase or decrease the discrepancy in the non-pre-emptive leader's relative value. Furthermore, risk aversion does not affect the loss in the value of the leader for the pre-emptive duopoly setting, but it makes the loss in value relatively less for the leader in a non-preemptive duopoly setting.
Author : A. Terry Bahill
Publisher : Springer
ISBN 13 : 3319437127
Total Pages : 716 pages
Book Rating : 4.3/5 (194 download)
Download or read book Tradeoff Decisions in System Design written by A. Terry Bahill and published by Springer. This book was released on 2016-12-14 with total page 716 pages. Available in PDF, EPUB and Kindle. Book excerpt: This textbook is about three key aspects of system design: decision making under uncertainty, trade-off studies and formal risk analyses. Recognizing that the mathematical treatment of these topics is similar, the authors generalize existing mathematical techniques to cover all three areas. Common to these topics are importance weights, combining functions, scoring functions, quantitative metrics, prioritization and sensitivity analyses. Furthermore, human decision-making activities and problems use these same tools. Therefore, these problems are also treated uniformly and modeled using prospect theory. Aimed at both engineering and business practitioners and students interested in systems engineering, risk analysis, operational management, and business process modeling, Tradeoff Decisions in System Design explains how humans can overcome cognitive biases and avoid mental errors when conducting trade-off studies and risk analyses in a wide range of domains. With generous use of examples as a common thread across chapters this book. “This book provides an excellent road map for designing and producing competitive products.”
Author : Joachim Winter
Publisher : Springer Science & Business Media
ISBN 13 : 3642998038
Total Pages : 192 pages
Book Rating : 4.6/5 (429 download)
Download or read book Investment and Exit Decisions at the Plant Level written by Joachim Winter and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book develops a dynamic programming framework for the analysis of firms' joint investment and market exit decisions and reviews methods for econometric estimation of such models. In an empirical application of this framework, a version of this model that allows for financial constraints is estimated by structural methods, using a plant-level dataset for a sample of U.S. firms. The empirical analysis shows that both the plant's productivity and firm-level financial constraints have important effects on plant-level investment and exit decisions. The main contribution of the book to the empirical investment literature is the application of a mixed discrete-continuous Markov process framework to investment and exit decisions, and the structural estimation using a full-information maximum-likelihood method, the nested fixed-point algorithm.
Author : Management Association, Information Resources
Publisher : IGI Global
ISBN 13 : 1522525955
Total Pages : 515 pages
Book Rating : 4.5/5 (225 download)
Download or read book Game Theory: Breakthroughs in Research and Practice written by Management Association, Information Resources and published by IGI Global. This book was released on 2017-06-19 with total page 515 pages. Available in PDF, EPUB and Kindle. Book excerpt: Developments in the use of game theory have impacted multiple fields and created opportunities for new applications. With the ubiquity of these developments, there is an increase in the overall utilization of this approach. Game Theory: Breakthroughs in Research and Practice contains a compendium of the latest academic material on the usage, strategies, and applications for implementing game theory across a variety of industries and fields. Including innovative studies on economics, military strategy, and political science, this multi-volume book is an ideal source for professionals, practitioners, graduate students, academics, and researchers interested in the applications of game theory.
Author : J. L. Ford
Publisher :
ISBN 13 :
Total Pages : 168 pages
Book Rating : 4.F/5 ( download)
Download or read book Economic Choice Under Uncertainty written by J. L. Ford and published by . This book was released on 1987 with total page 168 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :
Publisher :
ISBN 13 :
Total Pages : 84 pages
Book Rating : 4.:/5 (319 download)
Download or read book Center for Economic Studies Discussion Paper written by and published by . This book was released on 1988 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt:
