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National Repository of Grey Literature 1 records found  Search took 0.01 seconds. 
The use game theory and real options valuation in investment decisions
 Kuchina, Elena ; Dlouhý, Martin (advisor) ; Rada, Miroslav (referee)
This work demonstrates a new approach how to evaluate investment projects under uncertainty. This approach consists of the unification of real option valuation and game theory principles. The application of the theoretical foundation of this "option game" is shown on the illustrative example, that represents two-stage game. Analysis of this example compares the investment project's value in case when the R&D investment is not carried out with the case when this investment is made. In latter case there are two different possibilities whether the investment outcomes are proprietary or shared. The present work shows that in the evaluation of investment projects besides standard NPV there is flexibility value and the value of strategic effect; whereas these two components usually go against each other. Within the framework of the given illustrative example a breakdown of the investment project's value is demonstrated in different cases.
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