{"title":"不确定条件下研发投资决策的期权博弈:以劳动管理和利润最大化企业为例","authors":"Luo Jianli, Zhong Weijun","doi":"10.1109/GSIS.2009.5408089","DOIUrl":null,"url":null,"abstract":"Based on the uncertainty of market size and results of R&D, combining with characters of labor-managed firms, we develop a model of technology innovation in the duopoly market of labor-managed and profit-maximizing firm coexisting, and analyze the effects of some facts on option value of R&D investment in the labor-managed firm. Our results show that option value of R&D investment in the labor-managed firm is proportional to the raise of labor's productivity, and inversely proportional to the maximal investment of successful R&D. However, option value of R&D investment in the labor-managed firm has uncertain relation to its own R&D investment and expectant market size, which is different from the results of profit-maximizing firms.","PeriodicalId":294363,"journal":{"name":"2009 IEEE International Conference on Grey Systems and Intelligent Services (GSIS 2009)","volume":"53 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2009-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"1","resultStr":"{\"title\":\"Option game on R&D investment decision under uncertainty: The case of labor-managed and profit-maximizing firms\",\"authors\":\"Luo Jianli, Zhong Weijun\",\"doi\":\"10.1109/GSIS.2009.5408089\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"Based on the uncertainty of market size and results of R&D, combining with characters of labor-managed firms, we develop a model of technology innovation in the duopoly market of labor-managed and profit-maximizing firm coexisting, and analyze the effects of some facts on option value of R&D investment in the labor-managed firm. Our results show that option value of R&D investment in the labor-managed firm is proportional to the raise of labor's productivity, and inversely proportional to the maximal investment of successful R&D. However, option value of R&D investment in the labor-managed firm has uncertain relation to its own R&D investment and expectant market size, which is different from the results of profit-maximizing firms.\",\"PeriodicalId\":294363,\"journal\":{\"name\":\"2009 IEEE International Conference on Grey Systems and Intelligent Services (GSIS 2009)\",\"volume\":\"53 1\",\"pages\":\"0\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2009-11-01\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"1\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"2009 IEEE International Conference on Grey Systems and Intelligent Services (GSIS 2009)\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.1109/GSIS.2009.5408089\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"2009 IEEE International Conference on Grey Systems and Intelligent Services (GSIS 2009)","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1109/GSIS.2009.5408089","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
Option game on R&D investment decision under uncertainty: The case of labor-managed and profit-maximizing firms
Based on the uncertainty of market size and results of R&D, combining with characters of labor-managed firms, we develop a model of technology innovation in the duopoly market of labor-managed and profit-maximizing firm coexisting, and analyze the effects of some facts on option value of R&D investment in the labor-managed firm. Our results show that option value of R&D investment in the labor-managed firm is proportional to the raise of labor's productivity, and inversely proportional to the maximal investment of successful R&D. However, option value of R&D investment in the labor-managed firm has uncertain relation to its own R&D investment and expectant market size, which is different from the results of profit-maximizing firms.
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