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A Real Options and GameTheoretic Approach
Equilibrium and Options on Real Assets
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adoption analysis Antamina assume assumption bankruptcy bidder boundary conditions building buyers and sellers call option capital chapter comparative statics competitive equilibrium competitors constant construction convenience yields cost debt service decision demand denote discount Dixit economic rents effect entry and exit equal equation equilibrium exercise strategies equity-holders example exercise price exogenous expected expected value Financial Economics firm's follows full-information function geometric Brownian motion growth option increases informational cascades investment commitment Lemma liquidation match maximise myopic firm Nash bargaining solution Nash equilibrium occurs optimal exercise option pricing option to develop owner parameters payoff perfect competition Pindyck player positive signal pre-emption premium present value price process private information probability problem profits Proposition real assets real estate real options result risk stochastic strategic investment subgame switching point tion trigger X*(u uncertainty undeveloped assets unit valuation variable volatility wait warrants Wiener process zero