REAL OPTIONS IN PARTNERSHIP DEALS: THE PERSPECTIVE OF COOPERATIVE GAME THEORY
作者： Stefan Scholtes , Nicos D Savva
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摘要: In this paper we consider partnership deals under un- certainty but with downstream flexibility. We confine ourselves to bilateral and focus on the eect of options synergy set, 'core', a deal. distinguish between co- operative options, which are exercised jointly in interest maximizing total deal value, non-cooperative unilaterally one partner's pay- o. provide simple framework that illustrates eects two-stage model. The model can be readily extended binomial lattice. investigate presence risk-aversion complete markets.
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