Font Size: a A A

Option-Game Strategic Analysis Of Investment Based On Behavioral Finance

Posted on:2007-12-01Degree:DoctorType:Dissertation
Country:ChinaCandidate:W X WangFull Text:PDF
GTID:1119360212970833Subject:Management Science and Engineering
Abstract/Summary:PDF Full Text Request
Though the manager's operational flexibility has been taken into consideration sufficiently by the real option theory and extend the meaning of conventional value of project investment as well as decision-making theory and method about project investment, the erode of investment value by competiton be ignored. The proposal of Option Game Theory not only consider the managerial flexibility ,but also take strategic value of enterprise's valuing of relating to competition. But the option game theory are based upon the hypothesis of EMH and invester's rational ,the defect of rational hypothesis of conventional finance theory was overcome by the theory of behavioral finance what based upon bounded rational hypothesis,comeback the limited irrational features what investers inherent it ,and make preparations for the research of investment behaviors and decision-making modes.Based on the Option Game Theory,this thesis combines the optimal stopping theory based on the real options investment strategic analysis and the dynamic timing games theory based on game theory ,to analysis the equilibrium of investment strategic of real option investment making decision about two asymmetry investers's and multi-players investment timing,as well as the multi-project real option and the opportunity under the various process hypothesis of project. Under this research and taking realism of the large numbers abnormity phenomena into consideration ,consider the invester's activity and relax the Hypothesis of rational ,introduce the newest fruit of behavioral finance into investment valuing and decision making kingdom to design the flat of option game theory based on the behavioral finance ,enlarge the scope of projects decision making ,to form the system of theory and method of investment valuing which with a preferable ability of expositive.The thesis consists of the following parts:Part one,it is mainly included the first chapter ,which summarize the research actuality of option game theory and basic model systems and behavioral finance theory,at last...
Keywords/Search Tags:real option, game theory, behavioral finance, investment strategy, investment threshold
PDF Full Text Request
Related items