Дисертації з теми "Investment games"
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1
Lau, Wing Yan. "Two-person games on strategies of irreversible investment /." View Abstract or Full-Text, 2003. http://library.ust.hk/cgi/db/thesis.pl?MATH%202003%20LAUW.
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Kao, Jennifer L. "Noncooperative games of information sharing and investment : theories and applications." Thesis, University of British Columbia, 1991. http://hdl.handle.net/2429/30823.
Повний текст джерелаАнотація:
The thesis considers the effects of public policy with respect to disclosure on rivalrous competition in duopolies. Principal contributions to the stochastic oligopoly theories of information sharing include imbedding an investment stage in the standard noncooperative two-stage information sharing/output (pricing) games under a wide range of assumptions about effects of investment or distributions of returns, and investigating the extent to which altering the usual preference assumption to allow risk aversion may affect information choice.
At an information sharing level, it is established that, besides being sensitive to the type of competition and the nature of information asymmetries, as previously reported in the literature, private incentives to disclose also depend importantly on both the impact of investment and risk preferences. In this regard, equilibrium levels of investment are shown to be affected nontrivially by variance effects from investment, risk attitude of decision makers, as well as the type of industry rivalry. Also characterized are the welfare orderings obtained as a consequence of these varying disclosure effects on the decisions and hence profits of competing firms.
If alternative accounting practices are distinguishable along the informativeness dimension, then, at an abstract level, the analysis can be seen as approaching the study of many accounting issues from a distinctly different perspective than the familiar tax or wealth transfer viewpoints. The principal contributions to the accounting literature include identifying the impact of disclosure rules or rule changes on industry, consumers, and society as a whole, and offering insights to the accounting policy makers concerning the results of disclosure regulation.Business, Sauder School of
Graduate
3
Karlsson, Jennie. "Support in Strategic Investment Decisions : Using Option Games in an Uncertain and Competitive Environment." Thesis, Blekinge Tekniska Högskola, Institutionen för industriell ekonomi, 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:bth-17328.
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Fagart, Thomas. "Dynamic imperfect competition and irreversible investment." Thesis, Paris 1, 2016. http://www.theses.fr/2016PA01E023.
Повний текст джерелаАнотація:
Cette thèse analyse le rôle de l'irréversibilité de l'investissement sur la concurrence dynamique. Elle est composée de quatre articles théoriques et d'une introduction générale. Le deuxième chapitre s'intéresse à la possibilité de préemption en investissement irréversible, concurrence imparfaite et évolution de la demande aléatoire. Il montre qu'il n'y a pas de préemption sans sauts de demande. En effet, la linéarité des coûts d'investissement crée une incitation pour les entreprises à investir aussi vite que possible. Dès lors, il ne peut y avoir de préemption en l'absence d'évolution de la demande. Le troisième chapitre étudie la dynamique de la répartition de capacités au sein de l'oligopole, lorsque l'investissement est irréversible, la concurrence imparfaite et la demande aléatoire. Il montre que la dynamique de l'investissement a une propriété d'efficacité, et qu'une asymétrie entre capacité initiale peut se conserver à court terme, mais disparait à long terme. Le quatrième chapitre analyse les décisions d'investissement d'un duopole quand chaque entreprise peut investir dans deux types de capacités différentes. L'une des capacités permet de produire à un coût marginal plus faible, mais est plus chère à l'achat. Les entreprises sont contraintes financièrement en première période. A cause de cela, les entreprises peuvent utiliser les deux types de capacités en même temps, et il y a une possibilité de préemption. De plus, l'augmentation du prix de la capacité inefficace peut renforcer son utilisation. Le dernier chapitre étudie l'impact de l'irréversibilité de l'investissement sur la possibilité de collusion. L'irréversibilité de l'investissement réduit la profitabilité de la déviation de court terme, l'entreprise qui dévie ayant besoin d'augmenter sa capacité, mais crée aussi une incitation de long terme. En effet, l'investissement réalisé par l'entreprise qui dévie l'engage à un certain niveau de capacité dans le futur, permettant de préempter l'entreprise concurrente. A cause de cet effet de préemption, plus les entreprises sont patientes, plus la collusion peut être difficile à soutenirThis thesis studies the role of the irreversibility of investment on the dynamic imperfect competition. It is composed of four theoretical articles and a general introduction. The second chapter studies the role of demand evolution on the possibility of preemption under irreversible investment under imperfect competition. It shows there is no possibility of preemption when there is no jump of demand. Indeed, the linearity of investment cost creates no incentive for the firms to delay investment. When there is no demand evolution, this prevents preemption. The third chapter focuses on the dynamics of firms' capacity when the irreversibility of investment is partial. It shows that the investment dynamics exhibits an efficiency property, and that some initial asymmetry in capacity can be preserved in the short run, but disappears in the long run. The fourth chapter considers the investment choice of firms when there are two different productive capacities embodying different types of technology. One technology permits to produce at a lower marginal cost but the purchasing price of the capacity using this technology is higher. Due to the presence of a financial constraint, firms use different technologies at the same time, and a preemption equilibrium appears. Finally, this paper presents a counter intuitive policy result: an increase in the price of one of the capacities may increase its utilization. The last chapter studies the impact of the irreversibility of investment on collusion possibility. The irreversibility of investment reduces the profitability of short run deviation, as the deviating firm has to invest in order to increase its capacity, and it creates a long run effect. lndeed, once the deviating firr has invested, it is committed toits new capacity. The deviation may thus lead to a preemption of the punishing firm. This preemption effect can make collusion harder to sustain for more patient firms
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Olsson, Jessica, and Malin Wallvik. "Hantering av osäkerhet i strategiska investeringar : en kvalitativ undersökning på SME-företag i nordöstra Skåne." Thesis, Högskolan Kristianstad, Sektionen för hälsa och samhälle, 2013. http://urn.kb.se/resolve?urn=urn:nbn:se:hkr:diva-11111.
Повний текст джерелаАнотація:
De flesta företag strävar i huvudsak efter att maximera värdet av sitt företag och ett sätt att öka värdet av företaget kan vara att genomföra investeringar. En viktig faktor för att lyckas med sina investeringar är att skapa en strategi och att följa denna är avgörande för att nå dit man vill. Strategier kan utformas på olika sätt, men gemensamt för alla strategier är att de måste hantera osäkerhet. Syftet med denna uppsats är att undersöka vad små- och medelstora företag upplever som osäkerhet vid investeringar samt hur företagen hanterar dessa. Valet av små- och medelstora företag grundar sig på att den största delen av tidigare forskning inom detta ämne är gjord på stora företag. Forskningsstrategin för denna studie är explorativ, eftersom vi strävar efter att öka förståelsen kring ett delvis outforskat område. Vi har valt att avgränsa urvalet till företag inom industrisektorn i nordöstra Skåne. Studien utgörs av en kvalitativ metod, där djupgående intervjuer har genomförts med sex respondenter på olika företag. Tillsammans med respondenternas åsikter och tidigare forskning görs tolkningar av materialet vilket bidrar till skapande av slutsatser. De främsta slutsatserna som kan dras från denna uppsats är att osäkerhet vid investeringar hanteras väldigt olika beroende på företag, trots att de är verksamma inom samma sektor. Företagen använder olika typer av strategier för att hantera vad de upplever som osäkerhet, vissa i större utsträckning än andra. Med denna uppsats önskar vi öka förståelsen för vilka osäkerheter som finns vid investeringar samt för hur denna osäkerhet kan hanteras. Vår intension är att små och medelstora företag ska, med hjälp av denna studie, kunna känna sig säkrare i sina investeringsbeslut i framtiden. Säkrare beslut leder till minskad osäkerhet och därmed ökar chanserna för lönsamma investeringar.Most companies’ main goal is to maximize the value of their company and one way to increase the value of the company can be to invest. An important factor in order to succeed with an investment is to create a strategy and stick to it. Strategies can be structured in different ways, but what they all have in common is the need to manage uncertainties. The purpose of this thesis is to investigate what kind of uncertainty small- and medium sized enterprises experience when they invest, as well as how they manage this. Our selection of small- and medium sized enterprises is based on the fact that the majority of previous research within this particular subject investigates large companies. The research strategy in this thesis is mainly exploratory, since our goal is to increase the knowledge within this partly unexplored subject. We chose to narrow our selection down to companies within the industrial sector in the North East of Skåne. This thesis consists of a qualitative method, where in-depth interviews were conducted with six respondents from different companies. Together with the opinions from the respondents and previous research, interpretations were made which made it possible to create conclusions. The primary conclusion to be drawn from this thesis is that investment uncertainty can be managed in different ways depending on the company, even though the companies are operating within the same sector. The companies use different types of strategies in order to manage what they experience as uncertainty, although some of them use the strategies more than others. We wish to increase the understanding and the knowledge of existing uncertainties as well as how to manage these. Our intension is to help small- and medium sized enterprises feel more secure about their investment decisions in the future. Safer decision-making results in reduced uncertainty thus increase the chances of making profitable investments.
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Koop, Matthew. "Mega Event Organizing Committees: Investment in Anti-Doping Personnel." Thesis, Université d'Ottawa / University of Ottawa, 2016. http://hdl.handle.net/10393/34208.
Повний текст джерелаАнотація:
Peer reviewed literature currently provides little knowledge of how to recruit and train Doping Control Officers (DCOs) for Mega Sport Events. This study adds to the existing body of literature on creating knowledge transfer and legacy for future Mega Event Organizing Committees. A phenomenological designed study was conducted through the use of a qualitative on-line survey during the 2015 Toronto Pan American Games. A survey response rate of 58% was achieved. Survey responses by DCOs were analyzed using inductive coding to identify four main themes; i) DCO motivations, ii) training program design, iii) engagement and support, and iv) barriers to participation in the results. Recommendations include using mixed methods for future studies, provide DCOs with training and evaluation opportunities prior to the Mega Sport Event, and developing mentorship opportunities during games operations. Additional research is needed to create greater understanding of DCO motivations and perceptions beyond this study.
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Ivanov, Asen Vasilev. "Essays in behavioral economics in the context of strategic interaction." Columbus, Ohio : Ohio State University, 2007. http://rave.ohiolink.edu/etdc/view?acc%5Fnum=osu1179515760.
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Le, Mai, and Sara Eriksson. "Investeringsbeslut i komplexa projekt : Fallstudie - Överdäckning av centralstationsområdet." Thesis, KTH, Fastigheter och byggande, 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-254738.
Повний текст джерелаАнотація:
Vid investeringar i komplexa projekt finns det många aspekter att ta hänsyn till och det finns många metoder för att kunna utvärdera dessa investeringar. Komplexa projekt som en överdäckning där nya ytor tillskapas och befintliga trafikleder byggs över genererar fler nyttor än bara ekonomiska. Vid investeringsbeslut är det därav av stor vikt att kunna värdera investeringen med hänsyn till de aspekter som är av intresse.Samhällsekonomisk analys är en metod som ofta förekommer vid investeringsbeslut där fler än bara ekonomiska aspekter ska inkluderas. Metoden är välkänd och förekommer både i den akademiska sfären men används även praktiskt bland företag. En annan metod, option games är en nyare metod där förankring finns i teorin men inte har tillämpats i lika hög grad i praktiken.Syftet med detta arbete är att jämföra två metoder, samhällsekonomisk analys och option games. Detta för att bedöma vilken av metoderna som lämpar sig bäst vid investeringsbeslut i komplexa projekt. De två metoderna kommer att utvärderas med hjälp av tre valda bedömningskriterier. Metoderna utvärderas på hur väl de tar hänsyn till antaganden och indata, deras applicerbarhet i den aktuella fallstudien och slutligen hur omfattande metoden är. Arbetet är genomfört som en fallstudie och har applicerats på överdäckningen av Stockholms centralstation.Resultatet visar att samhällsekonomisk analys överlag är bättre än option games som metod för att generera beslutsunderlag för investeringar vid komplexa projekt. Dock finns det aspekter som option games tar hänsyn till men som saknas i den samhällsekonomiska analysen. Känslighetsanalysen pekar ut kalkylräntan som den viktigaste parameter i de båda metoderna.There are many aspects to consider when investing in complex projects and there exist several methods to evaluate those investments. Complex projects such as a decking over existing thoroughfares engender new areas that generate more utility than just economic. Therefore it is of great importance in case of investment decisions to evaluate the investment with regards to the aspects of interest.Cost Benefit Analysis (CBA) is a method used in contexts where more than just the economic aspects are included in the investment decision. The method is well-known and appears in both the academic field and practical at companies. A different method, Option Games is newer and so far mainly applied theoretical and not used in daily practice yet.The aim with this paper is to compare the two methods, Cost Benefit Analysis and Option Games. The goal is to assess which of the two methods best includes the aspects of interest when considering investment decisions for complex projects. The methods will be evaluated based on three selected criteria. Firstly, assumptions and inputs of the two methods. Secondly, their applicability in the current case study and finally the scope of the methods. The paper is conducted as a case study applied on the planned over decking of Stockholm Central station.The result indicates Cost Benefit Analysis to be the preferable method compared to Option Games. Cost Benefit Analysis generates a better foundation when investing in complex projects. Nevertheless, Option Games does regard some aspects that are not considered in the Cost Benefit Analysis method. The most important parameter for both methods is the discount rate in relation to the implemented sensitivity analysis.
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Reis, Gelson Antonio de Paula. "Modelo Matemático de Análise de Investimentos para um Jogo de Empresas." Universidade Federal de Santa Maria, 2006. http://repositorio.ufsm.br/handle/1/8402.
Повний текст джерелаАнотація:
This work has as objective to adapt a mathematical model of analysis of investments for use in games of companies. The development of this proposal is an application of financial the determinísticos methods of economic engineering VPL, TIR and
Payback, identifying the economic and financial viability of the simulated enterprises and standing out the methodology of the games of companies and the exercise of the process of decision taking, comparing the analysis projected in the beginning of the game with the results accomplished in the end of the game. Its accomplishment was accomplished with the exploitation of data generated for the pupils of disciplines of games of companies of the Program of After-graduation of the Engineering of Production of the Federal University of Saint MariaEste trabalho tem como objetivo adaptar um modelo matemático de análise de investimentos para uso em jogos de empresas. O desenvolvimento desta proposta é uma aplicação dos métodos determinísticos financeiros da engenharia econômica VPL, TIR e Payback, identificando a viabilidade econômica e financeira dos empreendimentos simulados e ressaltando a metodologia dos jogos de empresas e o exercício do processo de tomada de decisão, comparando a análise projetada no início do jogo com os resultados realizados no final do jogo. A sua realização efetivou-se com o aproveitamento de dados gerados pelos alunos da disciplina de jogos de empresa do Programa de Pós-graduação da Engenharia de Produção- PPGEP da Universidade Federal de Santa Maria-UFSM
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Moura, Rui Jorge Caruço Barroso de. "Opções e jogos: intersecção das opções reais com a teoria de jogos na modelação dinâmica de investimentos em ambiente de incerteza e competitividade." Doctoral thesis, Instituto Superior de Economia e Gestão, 2006. http://hdl.handle.net/10400.5/10401.
Повний текст джерелаАнотація:
Doutoramento em Gestão.A teoria de finanças empresariais estabelece que urn investimento deve ser realizado quando o seu Valor Actualizado Liquido for positivo. Ao considerar a decisão de investimento em termos de agora ou nunca, esta regra ignora a opção de adiar o investimento. Entretanto, a análise de opções reais - baseada na analogia entre a oportunidade de investimento em activos reais e os instrumentos financeiros derivados - melhorou, consideravelmente, o nosso entendimento sobre as decisões de investimento em ambiente de incerteza. Contudo, a maioria dos modelos de opções reais assume que as oportunidades se desenvolvem em ambientes monopolistas. 0 nosso trabalho analisa o efeito quer do valor da opção de espera quer do valor estratégico do investimento nos timings de investimento num cenário de duopólio - com empresas idênticas e inicialmente inactivas -, combinando a análise de opções reais com a teoria de jogos, "Opções e Jogos". Na presente tese, estabelecemos as funções-valor e as regras óptimas de investimento de urn novo modelo que incorpora, atraves de urn Movimento Geométrico Browniano, a incerteza associada à evolução do valor do projecto bern como a incerteza associada à chegada de novas oportunidades - recorrendo a urn processo de Poisson - e ainda interacções estratégicas.
Traditional corporate finance theory states that an investment project should be undertaken whenever its Net Present Value is greater than zero. This is generally incorrect since it considers only a now-or-never decision and ignores the value of the "option" to delay the investment. The real options literature has improved our understanding of investment problems under uncertainty. This literature stresses the similarity between a financial call option and the opportunity to invest in a real asset. However, most of the real options models assume implicitly a monopoly setting. One of our concerns consists in working out the joint effects of the value of the option to wait and the strategic value of investment, on the firms' timing on investment, in a duopoly setting, by combining game-theoretic and real options methods, Option Games. In our work we derive the strategic value functions and optimal investment rules of a new model, focused on specific and innovative settings regarding the evolution of the opportunity value, through a Geometric Brownian Motion, and the uncertainty related to the arrival of new opportunities - through a Poisson process - and the incorporation of strategic interactions.
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Chan, Ka Man. "Two-stage strategic investment /." View abstract or full-text, 2006. http://library.ust.hk/cgi/db/thesis.pl?MATH%202006%20CHAN.
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Bortoluzzi, Viviane Campanhola. "A CONTRIBUIÇÃO DOS JOGOS DE EMPRESA PARA O ESTUDO DA ANÁLISE DE INVESTIMENTO." Universidade Federal de Santa Maria, 2010. http://repositorio.ufsm.br/handle/1/8159.
Повний текст джерелаАнотація:
This paper presents a method of investment analysis to be applied in the Metaltec business game, aiming to facilitate the learning of the main methods of investment analysis. Business games contribute to this study because they bring the player closer to the reality, enhancing learning in management fields such as finance, production and sales. The work was divided into two studies. The first study examines whether companies in Santa Maria Rio Grande do Sul, Brazil perform investment analysis when purchasing equipment. The research was carried out with micro and small businesses in Santa Maria through a semi-structured questionnaire. From this analysis we could conclude that companies do not make investment analysis, but calculate whether the investment is viable or not only based on the increased demand. The second study presents the methodology of investment analysis for the business games. The research was performed in the Graduation Program in the Production Engineering with the groups of the second term of 2008 and second term of 2009. The application of 2008 showed more similar results because their players were from areas related to production engineering while the implementation of 2009 brought a number of discrepancies during the game because the players had different academic backgrounds. However, even with the difficulties players had, business games contributed to their learning management. Moreover, the study of methods of investment analysis in the game business contributed to the learning of Engineering Economy, facilitating its understanding since students worked within a company and not with decontextualized problems.O presente trabalho apresenta uma metodologia de análise de investimentos a ser aplicada no jogo de empresa Metaltec, com o objetivo de facilitar o aprendizado dos principais métodos de análise de investimento. Os jogos de empresa contribuem para esse estudo, pois aproximam o jogador da realidade, aperfeiçoando o aprendizado nas áreas gerenciais, como finanças, produção e vendas. O trabalho foi dividido em dois artigos, o primeiro analisa se as empresas de Santa Maria RS realizam análise de investimento quando adquirem um equipamento. A pesquisa foi realizada com micro e pequenas empresas na cidade de Santa Maria, através de um questionário semi-estruturado. A partir dessa análise chegou-se a conclusão que as empresas não realizam análise de investimento, calculando se o investimento é viável apenas pelo aumento da demanda. E o segundo artigo apresenta a metodologia de análise de investimentos para os jogos de empresa. A pesquisa foi realizada no Curso de Pós-Graduação em Engenharia de Produção com as turmas do segundo semestre de 2008 e do segundo semestre de 2009. A aplicação de 2008 apresentou resultados mais similares, pois seus jogadores eram de áreas afins a engenharia de produção, enquanto que a aplicação de 2009 trouxe várias discrepâncias no decorrer do jogo, devido aos jogadores possuírem diversas formações acadêmicas. Mas mesmo com as dificuldades que os jogadores passaram, o jogo de empresas contribuiu para o aprendizado gerencial deles. E o estudo dos métodos de análise de investimento no jogo de empresa contribuiu para o aprendizado da Engenharia Econômica, facilitando o entendimento, pois se trabalhou no contexto uma empresa e não com problemas descontextualizados.
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Hammerschmidt, Anna. "A strategic investment game with endogenous absorptive capacity." Inst. für Volkswirtschaftstheorie und -politik, WU Vienna University of Economics and Business, 2006. http://epub.wu.ac.at/106/1/document.pdf.
Повний текст джерелаАнотація:
R&D plays a dual role: First, it generates new knowledge and second, it develops a firm's absorptive capacity. Most of the existing strategic investment game models neglect, however, the second role of R&D. The aim of this paper is to incorporate the absorptive capacity hypothesis in such a model by endogenizing the spillover. A two-stage game is established and subsequently solved, looking for the subgame perfect Nash equilibria. Considering the comparative static properties of the model as well as the simulation results, a new effect appears: The "free-rider effect" of the models with exogenous spillover, which deteriorates the higher the spillover becomes, is now counteracted by the "absorptive capacity effect". It is found that firms will invest more in R&D to strengthen absorptive capacity when the spillover parameter is higher. (author's abstract)Series: Department of Economics Working Paper Series
14
Fisher, James C. D. "Essays in game theory on investment and social organization." Thesis, The University of Arizona, 2015. http://pqdtopen.proquest.com/#viewpdf?dispub=3688083.
Повний текст джерелаАнотація:
This dissertation uses cooperative and non-cooperative game theory to examine the role of investment (broadly defined) in social organization. It's composed of three chapters. The first chapter examines bidirectional investment in partnerships and characterizes the stable relationships among the benefits players produce and receive, their costs, and their payoffs. The second chapter extends the model of the first chapter to allow for multilateral matching and investment; it shows that many of the results of the bilateral case remain true in the more general case. The third chapter examines investment in social links to secure future help and characterizes the equilibrium network/linking architecture and welfare.
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Pineau, Pierre-Olivier. "Electricity market reforms, institutional developments, investment dynamics and game modeling." Thesis, National Library of Canada = Bibliothèque nationale du Canada, 2001. http://www.collectionscanada.ca/obj/s4/f2/dsk3/ftp04/NQ57476.pdf.
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SANTOS, MAURICIO SANT ANNA DOS. "A EVOLUTIONARY REAL OPTION GAME WITH THE OPTION TO DEFER INVESTMENT." PONTIFÍCIA UNIVERSIDADE CATÓLICA DO RIO DE JANEIRO, 2015. http://www.maxwell.vrac.puc-rio.br/Busca_etds.php?strSecao=resultado&nrSeq=26402@1.
Повний текст джерелаАнотація:
PONTIFÍCIA UNIVERSIDADE CATÓLICA DO RIO DE JANEIROCOORDENAÇÃO DE APERFEIÇOAMENTO DO PESSOAL DE ENSINO SUPERIOR
PROGRAMA DE SUPORTE À PÓS-GRADUAÇÃO DE INSTS. DE ENSINO
O objetivo desta dissertação é demonstrar que mesmo em ambientes em que a decisão do individuo não segue a racionalidade, podemos obter uma estratégia ótima. Com o auxilio do equilíbrio evolucionariamente estável (ESS), conseguimos analisar casos diferentes da literatura usual de teoria dos jogos em que mesmo com escolhas sem racionalidade, encontramos a melhor estratégia, para tal usaremos a metodologia do jogo de opções, união entre a teoria dos jogos e a metodologia de opções reais, juntamente com o conceito de equilíbrio evolucionariamente estável (ESS). Isso é demonstrado através da modelagem de um mercado duopolista assimétrico, sujeito a incertezas. Neste trabalho as firmas são diferentes, existe um duopólio assimétrico. Aqui as empresas são não homogêneas porque uma empresa tem custo operacional mais baixo do que a outra para o mesmo investimento. Isto significa que uma empresa tem vantagem competitiva sobre a rival. Os resultados do modelo mostram que, dependendo do tipo de estratégia assumida pela empresa, é possível que a empresa de baixo custo se torne líder como na literatura usual e em alguns casos encontramos que diferente da expectativa usual é possível que a empresa de alto custo venha a se tornar líder e demonstra que a premissa de racionalidade não é necessária para a escolha inicial da empresa utilizando o conceito de ESS para definir o equilíbrio assim como foi feito no trabalho de Xiao e Yu (2006).
The objective of this dissertation is show that even in environments where the decision of the individual not follow rationality, we can get a optimal strategy. with the help of evolutionarily stable strategy, we analyze different cases of the usual literature on game theory that even with choices without rationality, we find the best strategy, for that we will use the option game methodology, which is the union between gaming theory methodology and option game methodology, with the concept of evolutionarily stable strategy (ESS). This is demonstrated through modeling of a duopolistic market, with uncertainties, in this dissertation firms are different. Here companies has no-Homogeneous cost because a company has lower operating costs than the other for the same investment. This means that a company has competitive advantage over rival. The model results show that, depending on the strategy assumed by the company it is possible that the low-cost company to become leader as usual in the literature and in some cases also shows that is possible to the high cost company to become leader and demonstrates that the premise of rationality are not necessary for choosing initial strategy, the company can find equilibrium using the concept of ESS to set the balance as was done in the paper of Xiao and YU (2006).
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Li, Qing. "Game Theoretic and Analytical Approaches to International Cooperation and Investment Problems." Thesis, Virginia Tech, 2001. http://hdl.handle.net/10919/32406.
Повний текст джерелаАнотація:
International cooperation and foreign investment issues are two important components of an international economy. The various aspects of research related to such international cooperation and foreign investment decisions are fraught with various complex factors. In this thesis, we consider two specific issues in the arena of international technological cooperation and foreign investments, by using established Operations Research techniques of game theory and multiple criteria decision making.
We first analyze regional technological cooperation mechanisms using classical game theory. A concept of regional technological cooperation is developed based on a cooperative game theoretic model, in which a plan of payoff distributions induces an agreement that is acceptable to each participant. Under certain conditions, the underlying game is shown to be convex, and hence to have a nonempty core with the Shapley value allocations belonging to the core. A compensation scheme is devised based on the Shapley value allocations, whereby participants who enjoy a greater payoff with respect to the technological cooperation compensate the participants who receive a relatively lesser payoff via cooperation. In this manner, regional technological cooperation can bring overall benefits to all the involved players in the game. Some insightful examples are provided to illustrate the methodological concept.
Next, we discuss a model for analyzing foreign direct investment opportunities and for evaluating related projects based on the International Investment Attracting Force Theory and the technology of fuzzy evaluation. This model is applied to assess the industrial investment projects that were proposed in the â â 95 Chinaâ s Tumen River Area International Investment and Business Forumâ funded by the United Nations Industrial Development Organization. Accordingly, the projects are classified into groups based on their potential to attract foreign investors. Furthermore, we simulate the actual forming process whereby projects are sequenced and selected for funding by foreign investors based on a sequential update of their effect on the local economy. The results provide a scientific basis for formulating related decisions and policy recommendations regarding the various proposed projects.Master of Science
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Sundström, Johannes, and Nikolas Dresmal. "How Early-Stage Investors Assess Investment Opportunities in the Swedish Video Game Industry." Thesis, Uppsala universitet, Företagsekonomiska institutionen, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-447617.
Повний текст джерелаАнотація:
Early-stage investors increasingly impact the surging video game industry. Thus, understanding their thought processes provides vital insight for entrepreneurs. This thesis explores how early-stage investors assess investment opportunities in the Swedish game industry by presenting semistructured interviews with three prominent angel investors. Thematic analysis was performed on the interview data to extract significant themes regarding investors’ thought processes. Themes were then contrasted with previous research on investor decision-making to establish emergent patterns in the game industry. Results indicate that investors regard the composition and reliability of the team and pursue long-term involvement in companies. It is particularly important for teams to inspire trust. If investors can connect to teams personally, it facilitates successful long-term collaboration. Future research should focus on interviewing investors in other flourishing game markets, such as the U.S. or Chinese. Congruent results may lay the foundation for a framework to aid developers with acquiring funds in the broader game industry.
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Justin, Cedric Y. "A quantitative real options method for aviation technology decision-making in the presence of uncertainty." Diss., Georgia Institute of Technology, 2015. http://hdl.handle.net/1853/54452.
Повний текст джерелаАнотація:
The developments of new technologies for commercial aviation involve significant risk for technologists as these programs are often driven by fixed assumptions regarding future airline needs, while being subject to many uncertainties at the technical and market levels. To prioritize these developments, technologists must assess their economic viability even though standard methods used for capital budgeting are not well suited to handle the overwhelming uncertainty surrounding such developments.
This research proposes a framework featuring real options to overcome this challenge. It is motivated by three observations: disregarding the value of managerial flexibility undervalues long-term research and development (R&D) programs; windows of opportunities emerge and disappear and manufacturers can derive significant value by exploiting their upside potential; integrating competitive aspects early in the design ensures that development programs are robust with respect to moves by the competition.
Real options analyses have been proposed to address some of these points but the adoption has been slow, hindered by constraining frameworks. A panel of academics and practitioners has identified a set of requirements, known as the Georgetown Challenge, that real options analyses must meet to get more traction amongst practitioners in the industry. In a bid to meet some of these requirements, this research proposes a novel methodology, cross-fertilizing techniques from financial engineering, actuarial sciences, and statistics to evaluate and study the timing of technology developments under uncertainty. It aims at substantiating decision making for R&D while having a wider domain of application and an improved ability to handle a complex reality compared to more traditional approaches.
The method named FLexible AViation Investment Analysis (FLAVIA) uses first Monte Carlo techniques to simulate the evolution of uncertainties driving the value of technology developments. A non-parametric Esscher transform is then applied to perform a change of probability measure to express these evolutions under the equivalent martingale measure. A bootstrap technique is suggested next to construct new non-weighted evolutions of the technology development value under the new measure. A regression-based technique is finally used to analyze the technology development program and to discover trigger boundaries which help define when the technology development program should be launched.
Verification of the method is performed on several canonical examples and indicates good accuracy and competitive execution time. It is applied next to the analysis of a performance improvement package (PIP) development using the Integrated Cost And Revenue Estimation method (i-CARE) developed as part of this research. The PIP can be retrofitted to currently operating turbofan engines in order to mitigate the impact of the aging process on their operating costs. The PIP is subject to market uncertainties, such as the evolution of jet-fuel prices and the possible taxation of carbon emissions. The profitability of the PIP development is investigated and the value of managerial flexibility and timing flexibility are highlighted.The developments of new technologies for commercial aviation involve significant risk for technologists as these programs are often driven by fixed assumptions regarding future airline needs, while being subject to many uncertainties at the technical and market levels. To prioritize these developments, technologists must assess their economic viability even though standard methods used for capital budgeting are not well suited to handle the overwhelming uncertainty surrounding such developments.
This research proposes a framework featuring real options to overcome this challenge. It is motivated by three observations: disregarding the value of managerial flexibility undervalues long-term research and development (R&D) programs; windows of opportunities emerge and disappear and manufacturers can derive significant value by exploiting their upside potential; integrating competitive aspects early in the design ensures that development programs are robust with respect to moves by the competition.
Real options analyses have been proposed to address some of these points but the adoption has been slow, hindered by constraining frameworks. A panel of academics and practitioners has identified a set of requirements, known as the Georgetown Challenge, that real options analyses must meet to get more traction amongst practitioners in the industry. In a bid to meet some of these requirements, this research proposes a novel methodology, cross-fertilizing techniques from financial engineering, actuarial sciences, and statistics to evaluate and study the timing of technology developments under uncertainty. It aims at substantiating decision making for R&D while having a wider domain of application and an improved ability to handle a complex reality compared to more traditional approaches.
The method named FLexible AViation Investment Analysis (FLAVIA) uses first Monte Carlo techniques to simulate the evolution of uncertainties driving the value of technology developments. A non-parametric Esscher transform is then applied to perform a change of probability measure to express these evolutions under the equivalent martingale measure. A bootstrap technique is suggested next to construct new non-weighted evolutions of the technology development value under the new measure. A regression-based technique is finally used to analyze the technology development program and to discover trigger boundaries which help define when the technology development program should be launched.
Verification of the method is performed on several canonical examples and indicates good accuracy and competitive execution time. It is applied next to the analysis of a performance improvement package (PIP) development using the Integrated Cost And Revenue Estimation method (i-CARE) developed as part of this research. The PIP can be retrofitted to currently operating turbofan engines in order to mitigate the impact of the aging process on their operating costs. The PIP is subject to market uncertainties, such as the evolution of jet-fuel prices and the possible taxation of carbon emissions. The profitability of the PIP development is investigated and the value of managerial flexibility and timing flexibility are highlighted.
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Goetomo, Filbert. "Esports in Korea: A study on League of Legends team performances on the share price of owning corporations." Scholarship @ Claremont, 2016. http://scholarship.claremont.edu/cmc_theses/1356.
Повний текст джерелаАнотація:
This thesis utilises event studies to measure the impact of League of Legends Esports s teams on the share prices of their main sponsors and parent company, namely, the CJ Corporation, Korean Air, the Kt Corporation, Samsung Electronics Co Ltd and SK Telecom. Hypothetically, the success of a team, the acquisition of a major player or the beginning of a sponsorship would have a positive effect on the corporation reflected in an increase in the firm’s daily share price returns. Results showed that this was indeed true especially for a team’s success in large competitions such as the SBENU Summer Championships 2015 and the annual World Finals. As such, corporations can benefit from increasing their investments into the scene as a result of the quantifiable win-win scenario apparent for both firm and team.
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Cisneros-Molina, Myriam. "Mathematical methods for valuation and risk assessment of investment projects and real options." Thesis, University of Oxford, 2006. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.491350.
Повний текст джерелаАнотація:
In this thesis, we study the problems of risk measurement, valuation and hedging of financial positions in incomplete markets when an insufficient number of assets are available for investment (real options). We work closely with three measures of risk: Worst-Case Scenario (WCS) (the supremum of expected values over a set of given probability measures), Value-at-Risk (VaR) and Average Value-at-Risk (AVaR), and analyse the problem of hedging derivative securities depending on a non-traded asset, defined in terms of the risk measures via their acceptance sets. The hedging problem associated to VaR is the problem of minimising the expected shortfall. For WCS, the hedging problem turns out to be a robust version of minimising the expected shortfall; and as AVaR can be seen as a particular case of WCS, its hedging problem is also related to the minimisation of expected shortfall. Under some sufficient conditions, we solve explicitly the minimal expected shortfall problem in a discrete-time setting of two assets driven by correlated binomial models. In the continuous-time case, we analyse the problem of measuring risk by WCS, VaR and AVaR on positions modelled as Markov diffusion processes and develop some results on transformations of Markov processes to apply to the risk measurement of derivative securities. In all cases, we characterise the risk of a position as the solution of a partial differential equation of second order with boundary conditions. In relation to the valuation and hedging of derivative securities, and in the search for explicit solutions, we analyse a variant of the robust version of the expected shortfall hedging problem. Instead of taking the loss function $l(x) = [x]^+$ we work with the strictly increasing, strictly convex function $L_{\epsilon}(x) = \epsilon \log \left( \frac{1+exp\{−x/\epsilon\} }{ exp\{−x/\epsilon\} } \right)$. Clearly $lim_{\epsilon \rightarrow 0} L_{\epsilon}(x) = l(x)$. The reformulation to the problem for L_{\epsilon}(x) also allow us to use directly the dual theory under robust preferences recently developed in [82]. Due to the fact that the function $L_{\epsilon}(x)$ is not separable in its variables, we are not able to solve explicitly, but instead, we use a power series approximation in the dual variables. It turns out that the approximated solution corresponds to the robust version of a utility maximisation problem with exponential preferences $(U(x) = −\frac{1}{\gamma}e^{-\gamma x})$ for a preferenes parameter $\gamma = 1/\epsilon$. For the approximated problem, we analyse the cases with and without random endowment, and obtain an expression for the utility indifference bid price of a derivative security which depends only on the non-traded asset.
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Scroggin, Steven E. "Essays in dynamic uncertainty : behavioral economics, investment theory and law and economics /." Diss., Connect to a 24 p. preview or request complete full text in PDF format. Access restricted to UC campuses, 2005. http://wwwlib.umi.com/cr/ucsd/fullcit?p3208637.
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Woods, Daniel John. "Does self-serving generosity diminish reciprocal response?" Thesis, University of Canterbury. Economics and Finance, 2013. http://hdl.handle.net/10092/8376.
Повний текст джерелаАнотація:
Cox, Friedman, and Sadiraj (2008) develop a model of reciprocity, „Revealed Altruism‟, which posits that a „more generous than‟ (MGT) offer elicits a „more altruistic than‟ (MAT) response. A MGT ordering is defined by two conditions. Condition a) states that MGT is ordered by the maximum potential increase in income of the recipient, or that the more you stand to receive from an offer, the more generous it is to you. Condition b) states that the increase in maximum potential income of the recipient cannot be less than the maximum potential increase in income of the proposers. In other words, Condition b) states that an offer cannot be self-serving, but it is not specified in Cox, Friedman, and Sadiraj (2008) precisely how b) affects the MGT ordering. I propose that a violation of b) is considered self-serving and is less MGT than when b) is not violated. I then experimentally study the empirical relevance of b) using two designs that hold a) constant, comparing MGT differences implied by responses. The first design is a variant of the Lost Wallet Game (Dufwenberg & Gneezy, 2000) with a negative outside option, and the second design is a modified Investment Game (Berg, Dickhaut, & McCabe, 1995) with elements of the Dictator Game implemented by Andreoni and Miller (2002). I find no empirical support that b) affects the MGT ordering.
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Zhu, Chengbin. "Supply Chain Revenue Management Considering Components' Quality and Reliability." Diss., Virginia Tech, 2008. http://hdl.handle.net/10919/28644.
Повний текст джерелаАнотація:
The reliability and quality of suppliers' components are inevitably two factors that impact the performance of the supply chain. Stochastic reliability affects the final production quantity and hence makes it more difficult to predict the manufacturer's best ordering quantity as opposed to the simpler traditional news vendor model. In addition, the quality of suppliers' products directly influence the potential demand in the market. Hence every firm in the supply chain system faces the needs to invest time, money and effort to improve the product quality even though it may bring a higher production and investment cost.
Thus our dissertation is divided into two parts. In the first part, we build a model for a two echelon supply chain system in which a single manufacturer sells his product to a market with stochastic demand. A group of suppliers provide essential components for the manufacturer. They may be: 1) homogeneous component suppliers, 2) complementary component suppliers or 3) divided into subgroups, suppliers in the same subgroup provide the same component while the components from different subgroups are assembled in the final product. The fraction of effective component ordered from each supplier is a random variable. We first analyze the manufacturer's optimal ordering quantity decision. We identify several important properties of the optimal decision. Then based on those properties, we devise optimal solution procedures and heuristic methods for the above three systems. Finally, in the case of Bernoulli reliability, we investigate the suppliers' price competition by non-cooperative game theory.
In the second part, we model a two echelon assembly system which faces deterministic demand affected by the market price and quality of the product. Therefore, the decisions of the firms are divided into two stages: in the first stage, they decide on how much effort to invest in the quality of the components or the final product to stimulate the market. They may make decisions simultaneously or sequentially. Then after the efforts are invested, in the second stage, the component suppliers first decide on their components' wholesale price and then the manufacture decides on the market price given the wholesale price. We identify the existence of Nash equilibrium in each stage through potential functions. Moreover, in the first stage decision, we find that the competition with a leader can always benefit the whole system compared with simultaneous competition.Ph. D.
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Cobanli, Onur. "An application of cooperative game theory." Doctoral thesis, Humboldt-Universität zu Berlin, Wirtschaftswissenschaftliche Fakultät, 2015. http://dx.doi.org/10.18452/17103.
Повний текст джерелаАнотація:
Die Dissertation besteht aus drei unabhängigen Essays zur Anwendung der kooperativen Spieltheorie auf den internationalen Erdgashandel. Das internationale Erdgasnetz wird von einem stilisierten quantitativen Modell dargestellt, welches aus den wichtigsten Produzenten, Verbrauchern, Pipelines und LNG-Terminals besteht. Die Koalitionsfunktion berücksichtigt wesentliche Merkmale des internationalen Gashandels und schildert die Abhängigkeiten zwischen den Akteuren. Das Spiel wird mit dem Shapley-Wert und dem Nukleolus gelöst, welche alternative Indizes für die Darstellung der Machtstruktur sind. Kapitel 1 versucht die Interessen der Spieler in drei Pipeline-Projekte, d.h. Nord Stream, South Stream und Nabucco, zu rationalisieren. Das Kapitel ordnet die Investitionen in die neuen Pipelines ihren Auswirkungen auf die Verhandlungsmacht der Akteure zu und zieht dabei Rückschlüsse auf die Aussagekraft der Lösungskonzepte. Der Shapley-Wert rechtfertigt die jüngsten Investitionen in die Pipelines als rationale Versuche, die Machtstruktur zu verändern. Im Gegensatz zum Shapley-Wert kann der Nukleolus die empirischen Beobachtungen nicht nachbilden. Kapitel 2 studiert Pipeline-Projekte im zentralasiatischen Raum. Die Ergebnisse erklären die Unterstützung der zentralasiatischen Länder für eine nach China verlaufende Pipeline statt einem nach Europa führenden Projekt, und zeigen, dass die Konkurrenz zwischen China und Europa für das zentralasiatische Erdgas vernachlässigbar ist. Kapitel 3 untersucht die bedeutendsten Entwicklungen in Angebot und Nachfrage im globalen LNG-Markt sowie deren Einfluss auf die Machtstruktur im eurasischen Erdgashandel. Die Entwicklungen kommen den europäischen Verbrauchern deutlich zugute, aber scheitern dabei, die Macht der etablierten Anbieter um Europa, beispielsweise Russlands, einzudämmen.The dissertation contains three independent essays on the application of cooperative game theory on the international natural gas trade. The international natural gas network is represented by a stylized disaggregated quantitative model consisting of its major producers, customers, trunk-pipelines and LNG terminals. The value function considers essential characteristics of the international gas trade and characterizes the interdependencies between the major actors. The game is solved with the Shapley value and the nucleolus as alternative indexes for capturing the power of different players. Chapter 1 aims to rationalize players'' interest in the three pipeline projects, i.e., Nord Stream, South Stream, and Nabucco. The chapter relates the investments into the new pipelines to their impact on the power structure and thereby makes conclusions about the explanatory power of the solution concepts. While the Shapley value can explain the recent investments in the new pipelines as a rational attempt to alter the power structure in the network, the nucleolus, in contrast, fails to replicate the empirical evidence. Chapter 2 studies pipeline options of the Central Asian countries aimed at diversifying their transit routes and export markets. The results explain the Central Asian countries'' endorsement for an eastbound pipeline to China rather than a Europe-bound option, and show negligible demand competition between China and Europe for Central Asian supplies. Chapter 3 investigates major supply and demand developments in the global LNG market as well as their impact on the power structure in the Eurasian natural gas trade. The developments benefit European consumers significantly, but barely curtail the power of the established suppliers in close proximity to Europe, such as Russia.
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Gamel, Johannes [Verfasser], Klaus [Akademischer Betreuer] Menrad, Klaus [Gutachter] Menrad, and David [Gutachter] Wozabal. "Individual Investors and Socially Responsible Investments – Attitudes and Preferences in the Context of Wind Energy Investments / Johannes Gamel ; Gutachter: Klaus Menrad, David Wozabal ; Betreuer: Klaus Menrad." München : Universitätsbibliothek der TU München, 2018. http://d-nb.info/1159703493/34.
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Miranda, de Loureiro Manuel Valentim. "Transmission and Interconnection Planning in Power Systems: Contributions to Investment Under Uncertainty and Cross-Border Cost Allocation." Research Showcase @ CMU, 2017. http://repository.cmu.edu/dissertations/1105.
Повний текст джерелаАнотація:
Electricity transmission network investments are playing a key role in the integration process of power systems in the European Union. Given the magnitude of investment costs, their irreversibility, and their impact in the overall development of a region, accounting for the role of uncertainties as well as the involvement of multiple parties in the decision process allows for improved and more robust investment decisions. Even though the creation of this internal energy market requires attention to flexibility and strategic decision-making, existing literature and practitioners have not given proper attention to these topics. Using portfolios of real options, we present two stochastic mixed integer linear programming models for transmission network expansion planning. We study the importance of explicitly addressing uncertainties, the option to postpone decisions and other sources of flexibility in the design of transmission networks. In a case study based on the Azores archipelago we show how renewables penetration can increase by introducing contingency planning into the decision process considering generation capacity uncertainty. We also present a two-party Nash-Coase bargaining transmission capacity investment model. We illustrate optimal fair share cost allocation policies with a case study based on the Iberian market. Lastly, we develop a new model that considers both interconnection expansion planning under uncertainty and cross-border cost allocation based on portfolios of real options and Nash-Coase bargaining. The model is illustrated using Iberian transmission and market data.
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Thureson, Disa. "Cost-Benefit Analysis of climate policy and long term public investments." Doctoral thesis, Örebro universitet, Handelshögskolan vid Örebro Universitet, 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:oru:diva-48241.
Повний текст джерелаАнотація:
This compilation dissertation consists of four essays with the common theme of welfare analysis of long-term public investments. The first two essays focus on analysis of climate change mitigation, i.e., the social cost of carbon dioxide. The third essay focuses on cost-benefit analysis (CBA) of transport investment projects, while the last essay takes a broader perspective on welfare analysis. Essay 1: The Temporal Aspects of the Social Cost of Greenhouse Gases. The purpose of Essay 1 is to investigate the temporal aspects of the social cost of greenhouse gases. I find that the calculation period should ultimately be modeled to be consistent with the discount rate and that the “global-warming potential” concept is unsuitable for calculation of the social cost of GHGs other than carbon dioxide. Essay 2: Avoiding path dependence of distributional weights: Lessons from climate change economic assessments. In Essay 2, I explore shortcomings in income weighting in evaluation of climate change policy. In short, in previous versions of two of the most important existing models, regional economic growth is double counted. The proposed alternative approaches yield about 20–40% higher values of SCCO2 than the old approach. Essay 3: Does uncertainty make cost-benefit analyses pointless? In Essay 3, the aim is to investigate to what extent CBA improves the selection decision of projects when uncertainties are taken into account, using a simulation-based approach on real data of infrastructure investments. The results indicate that, in line with previous literature, CBA is a rather robust tool and considerably increases the quality of decision making compared with a random selection mechanism, even when high levels of uncertainty are considered. Essay 4: Household Production and the Elasticity of Marginal Utility of Consumption. In Essay 4, I develop a new model to show that omission of household production in a previous model leads to bias when the elasticity of marginal utility of consumption, EMUC, is estimated. I further offer new, unbiased estimates based on current evidence of the included parameters, suggesting a lower bound of EMUC at about 0.9.
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Tracy, William Martín. "Three essays on firm learning." Diss., Restricted to subscribing institutions, 2008. http://proquest.umi.com/pqdweb?did=1580809011&sid=1&Fmt=2&clientId=1564&RQT=309&VName=PQD.
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ESPOSTO, ELENA. "LE AZIONI SONO PIù ELOQUENTI DELLE PAROLE? TESTI E GIOCHI IN UN ESPERIMENTO CONDOTTO IN DUE CARCERI STATUNITENSI." Doctoral thesis, Università Cattolica del Sacro Cuore, 2018. http://hdl.handle.net/10280/40684.
Повний текст джерелаАнотація:
La tesi presenta alcuni dei risultati di un esperimento longitudinale condotto in due carceri statunitensi tra settembre 2015 e giugno 2016. L’obiettivo dell’analisi è testare lo studio delle preferenze sociali nella cornice dell’Economia Comportamentale e della teoria dei giochi (osservazione diretta del comportamento dei soggetti chiamati a compiere delle scelte in alcune situazioni selezionate), piuttosto che attraverso risposte a questionari auto valutativi. Infatti vengono messe in relazione i comportamenti osservati nei giochi e le spiegazioni che i soggetti intervistati danno di essi. Attraverso analisi statistica si può arrivare a dire che i comportamenti osservati nei giochi non sono sempre sufficienti per evidenziare le preferenze sociali dei soggetti, così come, del resto, non lo sono le risposte narrative. La conclusione che viene tratta dall’elaborato è che osservazione diretta dei comportamenti e analisi delle narrative personali dei soggetti sono due elementi ugualmente importanti per la comprensione delle preferenze sociali e che, lungi dall’escludersi a vicenda, si completano.The thesis presents some of the results of a longitudinal experiment conducted in two U.S. prisons between September 2015 and June 2016. The objective of the analysis is to test the efficacy of studying social preferences in the framework of behavioral Economics and game theory (direct observation of the behaviour of the subjects asked to make choices in real situations), rather than through self-evaluative questionnaires and surveys. In fact, the analysis links the behaviors observed in the games and the explanations given by the subjects. In general it can be said that the behaviors observed in the games are not always sufficient to highlight the social preferences of the subjects, as well as, moreover, are not the narrative answers. The conclusion that comes from the elaborate is that direct observation of the behaviors and analysis of the personal narratives of the subjects are two equally important tools in the study social preferences and that, far from being mutually exclusive, they complement each other.
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Liu, Iris. "Are You Smarter than an Ostrich: Does “Skin in the Game” Influence an Investor’s Portfolio Monitoring Behavior?" Scholarship @ Claremont, 2016. http://scholarship.claremont.edu/cmc_theses/1319.
Повний текст джерелаАнотація:
Abstract
In this paper, we examine the behavior of subjects in a mock financial investment experiment to investigate the effects of “skin in the game” and ego utility on hedonic information acquisition decisions. We observe how often subjects “check” their portfolios after given general market returns, and whether conditions impact the existence and magnitude of the ostrich effect – the tendency to avoid information expected to be negative. When considering these experiment conditions as well as subject sex, risk aversion, curiosity, financial literacy and investing experience, we do not find an ostrich effect. We do find that females check their portfolios more often on average than males. Finally, we find that risk-averse people will check their portfolios more often, regardless of market returns or sex.
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Ribeiro, Roberto Portes. "MULTINVE$T, O JOGO DE SIMULAÇÃO DE INVESTIMENTOS EM UM BANCO." Universidade Federal de Santa Maria, 2007. http://repositorio.ufsm.br/handle/1/8353.
Повний текст джерелаАнотація:
This work s objective is to introduce a model of simulation game of investments in the financial market. Investors, who have to take decisions involving the application of financial resources in the market, play the game through bank
investing products, which embodies saving, CDBs, investment funds and shares. The capacity of taking in decisions, defining strategies, understand how the market works, plan and control the use of financial market resources is the competitive difference among the players. The investor who finds out which are the investment products that make the money yields is the probable winner of this competition. This way, the game allows the beginner investor to have contact with the financial market dynamics in a fascinating way, without the sanctions of reality. Models of simulation games and enterprises found in the literature developed Multinve$t trying to adopt characteristics, which combine with the game objectives. By means of the simulation techniques of the financial market, it was possible to define the structure of the last mathematics model, obtaining a financial resource management tool that focus on the players taking decisions under the point of view of the risks and benefits relations
involving the financial market´s functioning. Finally, the game was applied to a mastership class of PPGEP/UFSM for evaluation and analysis of the results. The Multinve$t is dedicated to the beginner investor and it can be used in graduation subjects, post graduation and for training the publicEste trabalho tem por objetivo apresentar um modelo de jogo de simulação de investimentos no mercado financeiro. O jogo é formado por investidores, que devem tomar decisões envolvendo a aplicação de recursos financeiros no mercado, através dos produtos de investimento de um banco que englobam poupança, CDBs, fundos de investimento e ações. A capacidade de tomar decisões, definir estratégias, entender o funcionamento do mercado, planejar e controlar a utilização dos recursos no mercado financeiro é o diferencial competitivo entre os jogadores. O investidor que descobrir quais os produtos de investimento que fazem o dinheiro render mais é o provável vencedor desta competição. Dessa forma, o jogo possibilita ao investidor iniciante, o contato com a dinâmica do mercado financeiro de uma maneira lúdica e fascinante, sem as sanções da realidade. O Multinve$t foi desenvolvido a partir de modelos de jogos de simulação e de empresas encontrados na literatura, procurando-se adotar características que combinassem com os objetivos do jogo. Por meio das técnicas de simulação e de análises do mercado financeiro, foi possível definir a estrutura do modelo matemático final, obtendo-se assim, uma ferramenta de gestão de recursos financeiros que enfoca a tomada de decisão dos jogadores sob o ponto de vista da relação entre risco e retorno que envolve o funcionamento do mercado financeiro. Finalmente, o jogo foi aplicado em uma turma de mestrado do PPGEP/UFSM para avaliação e análise dos resultados. O Multinve$t é destinado ao investidor iniciante e pode ser usado em disciplinas de graduação, pós-graduação e treinamento ao público em geral
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Yeh, Kevin. "Mathematical programming analyses of an established timberlands supply chain with interests in biofuel investments." Diss., Georgia Institute of Technology, 2014. http://hdl.handle.net/1853/53065.
Повний текст джерелаАнотація:
In the push for clean and renewable fuels, timber derived biomass is a promising frontier for biofuel production in the United States. This thesis approaches the established timberlands biofuel implementation problem with three different mathematical programming studies, each testing feasibility and sustainability in different economic and supply related situations.
In the first study, a competitive game theory approach was utilized to provide new insights into the behavior within a timberlands supply chain. We utilized Stackelberg game theory modeled with bilevel programming to represent the competing harvesting and manufacturing sectors.
In the second study, the initial bilevel model was utilized in a larger two stage multiperiod model with parameter uncertainty. In this more realistic model, the first stage contained logistical decisions around biorefinery investments, such as location and capacity, while the second stage was composed of multiple discrete bilevel scenarios representing potential situations in the timberlands system.
The final study focused on long term land management strategies for the timberlands supply chain. Introduction of a new biorefinery investment meant that management strategies must be altered to ensure consistent material flows to manufacturers as well as sustain the new production facility. A modified cyclic scheduling formulation was used to model a timberlands system and its planting and harvesting schedule to accommodate a new biorefinery. This cyclic model added an initial startup period to initiate biofuel production and provide time to adapt land management.
The overall contribution of these studies was to analyze a biorefinery's impact on the established behavior in a timberlands supply chain. In particular, the goals of these models were to develop introductory decision making tools for timberlands supply chain managers.
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Wendelheim, Felix, and Rickard Carls. "Aktörers beteenden på köpcentrummarknaden." Thesis, KTH, Fastigheter och byggande, 2015. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-172371.
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Cobanli, Onur [Verfasser], Wolfgang [Akademischer Betreuer] Hubert, and Christian von [Akademischer Betreuer] Hirschhausen. "An application of cooperative game theory : strategic investments in the natural gas network / Onur Cobanli. Gutachter: Wolfgang Hubert ; Christian von Hirschhausen." Berlin : Humboldt Universität zu Berlin, Wirtschaftswissenschaftliche Fakultät, 2015. http://d-nb.info/1065301073/34.
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Lundström, Kristofer, and Arvid Smedsaas. "All your returns are belong to us : An exploratory study of how industry characteristics affect investments in the Swedish video game sector." Thesis, Uppsala universitet, Företagsekonomiska institutionen, 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-298470.
Повний текст джерелаАнотація:
Being relatively young, the Swedish video game industry has experienced explosive growth in recent years, surpassing several traditional industries. Exemplified by the purchase of King for approximately three times the price of Volvo, and the fact that one in ten people on the planet has played a Swedish video game. This development notwithstanding, the industry remains academically unexplored, suffering high rates of failure among new businesses, and for many companies, access to capital is problematic. In many ways a unique industry; Reversing traditional business models. involving the community, their customers, during pre-, mid- and post-production combined with companies being born global. Therefore, traditional tools for financial analysis, such as profitability ratios, are proving insufficient and the industry is perceived as a risky investment. The study analyzes the underlying variables of such ratios, from the perspectives of uncertainty and risk as well as accounting, considering the unique characteristics of the Swedish video game industry; Providing guidelines for better utilization of the ratios. The authors establish a solid foundation for future studies on the topic and provide investors with useful tools to increase their knowledge of the industry. The findings indicate that due to the abstract nature of the industry, stemming from assets and value creation, financial ratios should be used in tandem with a uncertainty and risk assessment of certain key areas of the industry.
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Leymann, Gunnar [Verfasser], Sarianna [Akademischer Betreuer] Lundan, Sarianna [Gutachter] Lundan, and Guido [Gutachter] Möllering. "Shifting the Rules of the Game : Institutional Change as a Barrier to MNE Investment Activity / Gunnar Leymann ; Gutachter: Sarianna Lundan, Guido Möllering ; Betreuer: Sarianna Lundan." Bremen : Staats- und Universitätsbibliothek Bremen, 2019. http://d-nb.info/1187906972/34.
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Salas, Gil Andrés Wenceslao. "Factores económicos que se relacionan al posicionamiento de los videojuegos free to play competitivos en hombres en Lima Metropolitana." Bachelor's thesis, Universidad Peruana de Ciencias Aplicadas (UPC), 2019. http://hdl.handle.net/10757/652110.
Повний текст джерелаАнотація:
En la actualidad, la industria de los videojuegos ha presentado un gran crecimiento con respecto a otras industrias, lo que ha generado un mayor número de competidores en el sector. Asimismo, los modelos de compra de videojuegos han variado con el tiempo, convirtiéndose el free to play en la modalidad más atractiva entre los videojugadores. Por tal motivo, los videojuegos free to play competitivos han optado por invertir en distintos ámbitos, con la finalidad de mejorar su posicionamiento y atraer nuevos usuarios.
No obstante, con respecto las inversiones, se ha determinado tres factores que se relacionan al posicionamiento, la inversión publicitaria, la inversión en la escena competitiva y la inversión en influencers. Razón por la cual, se desarrolla cada uno de ellos, mediante su aproximación con el marketing de videojuegos.
La metodología comprende un análisis cuantitativo y cualitativo, mediante un análisis cruzado de las variables, entrevistas a profundidad y grupos focales. De esta manera, se discute lo recogido, encontrando hallazgos de vital importancia que validan las hipótesis presentadas. Lo que coloca a la inversión en la escena competitiva, como la inversión de mayor importancia para el posicionamiento de los esports free to play.At present, the videogames industry has shown great growth compared to other industries, which has generated a greater number of competitors in the sector. Likewise, videogame purchase models have varied over time, making free to play the most attractive modality among videogames. For this reason, competitive free to play video games have chosen to invest in different fields, in order to improve their positioning and attract new users. However, with respect to investments, three factors have been determined that relate to positioning, advertising investment, investment in the competitive scene and investment in influencers. Reason why, each of them is developed, through its approach to videogame marketing. The methodology includes a quantitative and qualitative analysis, through a cross-analysis of the variables, in-depth interviews and focus groups. In this way, the collected is discussed, finding findings of vital importance that validate the hypotheses presented. What places the investment in the competitive scene, as the most important investment for the positioning of esports free to play.
Trabajo de investigación
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Wu, Marcio Jolhben. "Análise do efeito do investimento inicial no dilema do prisioneiro contínuo iterado simultâneo e alternado na presença e ausência de ruído em diferentes cenários de incerteza: contrapondo as estratégias RTS e LRS por meio da simulação bas." Universidade de São Paulo, 2015. http://www.teses.usp.br/teses/disponiveis/47/47132/tde-02032016-153429/.
Повний текст джерелаАнотація:
O dilema do prisioneiro é geralmente visto como o ponto de partida para entender o problema da cooperação. Em comparação com o dilema do prisioneiro discreto e iterado, poucos estudos existem sobre o dilema do prisioneiro contínuo e iterado. A maioria dos trabalhos que investigaram o dilema do prisioneiro contínuo e iterado concentrou-se no período de 1990 a 2000, não obtendo resultados conclusivos sobre a melhor estratégia a ser adotada neste tipo de jogo. Duas estratégias diferentes se destacam neste tipo de dilema. A primeira é a estratégia RTS (Raise-the-Stakes) de Roberts e Sherrat (1998) que testa o terreno antes de aumentar os investimentos na relação. A segunda deriva do modelo LRS (Linear Reactive Strategies) de Wahl e Nowak (1999a). Esta última estratégia estando em equilíbrio de Nash cooperativo apresenta três características: (i) generosidade, i.e., investir o máximo possível no início da relação de cooperação; (ii) otimismo, i.e., contar com o melhor cenário para as próximas rodadas, e (iii) intransigência. Esta pesquisa tem como objetivo principal contrapor as estratégias RTS e LRS num dilema do prisioneiro contínuo e iterado, na presença e ausência de ruído, com jogadas simultâneas e alternadas e para diferentes valores do parâmetro w (probabilidade de interagir novamente). Restringimos a nossa análise a um conjunto de seis estratégias: ALLC, ALLD, TFT, RTS, LRS e RTSM. O método utilizado foi o da simulação baseada em agente (ABM) no formato de torneios, semelhante ao de Axelrod (2006), Roberts & Sherratt (1998), Nowak & Sigmund (1992) e Nowak & Sigmund (1993). Utilizamos o software Netlogo e documentamos todo o processo da concepção e construção do modelo por meio da ferramenta TRACE (TRAnsparent and Comprehensive model Evaludation). Os resultados mostram que as estratégias mais cooperativas são mais favorecidas quando o jogo consiste em jogadas alternadas ao invés de simultâneas. A estratégia RTS teve melhor desempenho em jogos simultâneos para valores intermediários de w, na presença ou ausência de ruído. Por sua vez, a estratégia LRS teve melhor desempenho nos jogos simultâneos, na presença ou ausência de ruído, ou alternados e na presença de ruído, em ambos os casos para valores grandes de wThe prisoner\'s dilemma is generally seen as the starting point for understanding the problem of cooperation. In comparison with the discreet and iterated prisoner\'s dilemma, few studies exist on the continuous iterated prisoner\'s dilemma. Most of the works that have investigated the continuous iterated prisoner\'s dilemma has concentrated in the period from 1990 to 2000, not getting conclusive results on the best strategy to be adopted in this type of game. Two different strategies stand out in this kind of dilemma. The first is the RTS strategy (Raise-the-Stakes) of Roberts and Sherrat (1998) that tests the ground before increasing investment in the relationship. The second is the model deriva LRS (Linear Reactive Strategies) de Wahl and Nowak (1999a). This last strategy being in Nash equilibrium cooperative presents three characteristics: (i) generosity, i.e., investing as much as possible at the beginning of the cooperation relationship; (ii) optimism, i.e., rely on the best scenario for the next rounds, and (iii) intransigence. This research has as main goal to reconcile opposing RTS strategies and LRS in a continuous iterated prisoner\'s dilemma, in the presence and absence of noise, with simultaneous moves and alternate and for different values of the parameter w (probability of interacting again). We restrict our analysis to a set of six strategies: ALLC, ALLD, TFT, RTS, LRS and RTSM (halfway between RTS and LRS). The method used was the agent-based simulation (ABM) in tournament format, similar to that of Axelrod (2006), Roberts (1998), Sherratt & Nowak & Sigmund (1992) and Nowak & Sigmund (1993). We use the NetLogo software and document the whole process of design and construction of the tool model TRACE (TRAnsparent and Comprehensive model Evaludation). The results show that most strategies are more favoured unions when the game consists of alternating plays rather than simultaneous. The RTS strategy had better performance in simultaneous games for intermediate values of w, in the presence or absence of noise. In turn, the IRS strategy had better performance when simultaneous games, in the presence or absence of noise, or switched, and in the presence of noise, in both cases, for large values of w
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Nylund, Hans. "Electricity across borders : regional cost sharing of grid investments, international benchmarking and the electricity demand of an ageing population." Doctoral thesis, Luleå tekniska universitet, Samhällsvetenskap, 2013. http://urn.kb.se/resolve?urn=urn:nbn:se:ltu:diva-26747.
Повний текст джерелаАнотація:
This thesis deals with issues related to investments and regulation of high-voltage electricity grids, and to the households’ demand for electricity. The thesis consists of four self-contained papers. Papers I and II address the challenge of reaching agreements on the expansions of electricity grid infrastructure across national borders. Agreements can be problematic to reach due to regional welfare-effects from new infrastructure, which leads to questions of how investment costs should be shared and under what circumstances cooperation will be rational for all nations. This relates to both the allocation rule used, and the number of countries involved in the sharing (e.g., bilateral or regional). These issues are analysed by game theoretic methods and a numerical optimisation model of the electricity systems of six European countries. Results show that proportional sharing of investment costs in relation to benefits is the most practical solution, and that it also gives outcomes in terms of welfare and transmission capacity that are very close to the regional welfare optimum.The utilities responsible for the transmission system operation and the grid development are the national Transmission System Operators (TSO). The TSOs are monopoly utilities that operate under regulatory oversight. The absence of competition in this sector means that regulators have an important role in monitoring performance and ensuring overall efficiency. One way to do this is by frontier benchmarking methods. However, there are in general no national comparators for TSO, which means that performance needs to be measured against international comparators. Paper III applies a benchmark model to analyse the technical efficiency of 29 European TSO. Data envelopment analysis (DEA) is used to estimate efficiency scores and different approaches to account for the heterogeneity in operating environments are tested. Results show that the average technical efficiency is between 88% and 94%, depending on model and data sample. While this indicates that there are efficiency differences between the TSOs, the extension to regulation of TSOs is not straight forward since the reasons for inefficiency may be due to factors that are outside the TSO’s control.In Paper IV attention is turned towards the households’ demand for electricity. The question answered is how the ageing populations in OECD countries, and the consequential changes in population age-structures, may affect the residential demand for electricity. The implications of changing demography is analysed by a family life-cycle model, and an empirical analysis is made by specifying an econometric model of electricity demand that includes the population age-structure by four age-group variables. Results show that the oldest age-group has the largest positive effect on aggregate per capita consumption, while the other groups have lower but similar effects. The results have implications for projections of future electricity demand and for policies aimed at influencing households’ electricity demand, not the least since the share of elderly in the populations of western societies will increase by several percentage points over the coming decades.Godkänd; 2013; 20130809 (hannyl); Tillkännagivande disputation 2013-09-06 Nedanstående person kommer att disputera för avläggande av filosofie doktorsexamen. Namn: Hans Nylund Ämne: Nationalekonomi Avhandling: Electricity Across Borders: Regional Cost Sharing of Grid Investments, International Benchmarking and the Electricity Demand of an Ageing Population Opponent: Professor Andreas Stephan, Jönköping International Business School Ordförande: Professor Robert Lundmark, Luleå tekniska universitet Tid: Fredag den 27 september 2013, kl. 13.00 Plats: A109, Luleå tekniska universitet
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Růžička, Daniel. "Podnikatelský záměr-vybudování lasergame arény." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2014. http://www.nusl.cz/ntk/nusl-224478.
Повний текст джерелаАнотація:
The thesis contains a business plan to build a Laser Game sports arena. The work itself is divided into three parts. The first part of the theoretical background and knowledge is the base for the second part, an analysis of the current situation. In the final part of the proposal is then prepared whole business plan, which should convince the investor to invest and which should be the basis for the construction of Laser Game arena.
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Jackson, James W. "An examination of the occurrence of the sunk-cost effect in Texas Hold 'Em players in hypothetical game play situations and in a non-gambling investment scenario /." Available to subscribers only, 2006. http://proquest.umi.com/pqdweb?did=1203556251&sid=3&Fmt=2&clientId=1509&RQT=309&VName=PQD.
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Pappa, Dimitra. "The Game of Success : Educational Strategies among Greek middle class parents in the education market of parapaedia." Thesis, Uppsala universitet, Institutionen för pedagogik, didaktik och utbildningsstudier, 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-417162.
Повний текст джерелаАнотація:
The selection process in tertiary education in Greece is characterized by a competitive and grade-oriented system that lays the foundations for the extensive use of private educational services. Family inclination towards private expenditure in education raises arguments for the conversion of public education into a private commodity. This thesis examines how a specific middle class group in an urban setting, the city of Larissa, deals with the system of private investments in upper secondary education. In particular, in the light of Bourdieusian concepts, this study attempts to analyse parental choice and strategies that families set in action for achieving educational success and the social advancement of their offspring, investigating also the role of education for middle class parents. 15 semi-structured interviews were carried out, delivering insightful narratives of parents who had experienced the national examination process. Interviews gave prominence to the unquestionable value of educational credentials for a successful educational and professional trajectory. For the accomplishment of quality education, parents deployed their cultural, economic, and social assets, which enabled them to be effective in the educational marketplace. Choice presented a complex task for parents, which presupposed an intensive devotion of time and energy. Accordingly, educational strategies started from the child’s early upbringing, being employed systematically at the upper secondary level of education. In fact, parental strategies appeared to be a “natural” process pertaining to responsible and caring parenthood. Parents took for granted that children should be satisfactorily equipped with valuable educational qualifications, which were seen as a necessity for a successful future, and an upward trajectory.
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Mosiño, Alejandro. "Investing in the environment : essays on energy efficiency and on the substitution of resources." Thesis, Grenoble, 2012. http://www.theses.fr/2012GRENA021/document.
Повний текст джерелаАнотація:
Les gaz à effet de serre (GES) sont en partie responsables du changement climatique. L'humanité est donc confrontée à un choix : soit de réduire les émissions des gaz qui sont la cause du problème, ou bien de prendre de mesures pour permettre aux populations de surmonter les conséquences de ces changements. Dans cette thèse, nous nous concentrons sur la première solution sous la prémisse selon laquelle une grande partie de l'effet de serre provient des activités humaines. Plus précisément, nous proposons quelques essais sur la modélisation des déterminants des investissements ayant pour objet la réduction des GES, en particulier des investissements dans l'amélioration de l'efficacité énergétique, et des investissements dans la substitution de ressources (fossiles) non-renouvelables par des ressources renouvelables. Tout d'abord nous essayons et expliquons la lente diffusion de certains investissements dans l'efficacité énergétique dans un cadre d'équilibre général. Ensuite, nous étudions les déterminants de la substitution des ressources non-renouvelables par des ressources renouvelables lorsque celles-ci sont des substituts parfaits. Enfin, nous tenons compte de la nécessité permanente de ressources sales, même si des technologies plus propres sont disponibles. Toutes ces questions sont basées sur des modèles qui ne peuvent être entièrement résolus analytiquement. Par conséquent, nous proposons dans cette thèse une méthodologie basée sur les propriétés des polynômes de Chebyshev pour calculer les solutionsGreenhouse gases (GHG) are responsible for some climate change. Humanity faces a choice: either reducing the emissions of these gases or adapt to climate change. In this dissertation we focus on the first solution under the premise that a large part of the greenhouse effect comes from human activities. More precisely, we propose some essays on modeling the determinants of investing in reducing GHG through improving energy efficiency and substituting non-renewable resources (fossil fuels) by renewable resources. We first try and explain the slow diffusion of some energy efficient investments in a general equilibrium framework. We then study the determinants of switching from non-renewable resources to renewable resources when these are perfect substitutes. Finally, we account for the need of dirty resources even if cleaner technologies are available. All these issues are based on models that cannot be fully solved analytically, therefore we also propose in this dissertation a methodology based on the properties of Chebyshev polynomials to compute the solutions
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Sjödin, Ulrika. "Insiders’ outside/Outsiders’ inside : Rethinking the insider regulation." Doctoral thesis, Stockholm University, School of Business, 2006. http://urn.kb.se/resolve?urn=urn:nbn:se:su:diva-944.
Повний текст джерелаАнотація:
Financial speculation has increased dramatically over the last 30 years. This means that a practice that used to be viewed as immoral gambling has become legitimate financial trade. This book explores the genealogy of the coexisting insider trading laws. The insider regulation prohibits trade based on privileged information in order to create equal trading conditions, and in this way uphold confidence in the financial markets among the general public. However, this study shows that the existing view of the insider regulation is misleading and that the regulation is best understood as a game rule aiming to stimulate financial speculation. The protection interest is therefore not primarily the general public, but the financial system as such: the professional market actors sustaining the speculative activities and a growing financial sector.
The consequence of stimulating financial speculation is that today’s authorities are attempting to make the financial markets into a lotto-like game, rather than a market for long-term investment. To make the financial markets into liquid and volatile public “games” means that the risks involved in the financial speculation are created by the human hand and the economic system itself rather than being naturally given. This places desire rather than rational needs as the fundamental ground of the economy. The concluding question is; why are we making our economy into a game?
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Ramos, Sérgio Henrique Paiva de Souza. "Entrando em um novo mercado: estudo do caso Gol utilizando-se opções reais e teoria dos jogos." reponame:Repositório Institucional do FGV, 2007. http://hdl.handle.net/10438/2044.
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Previous issue date: 2007-02-05T00:00:00ZThis work has the goal to create a market entry project valuation model that encompasses two important characteristics: considers the possibility to increase or decrease the project during its execution and incorporates the strategic decision through a competitive scenario modeling, by considering the competitors’ reactions to the threat of a new entrant. The traditional valuation models are discussed briefly, enumerating some arguments for and against its use and create a comparision basis for the proposed model. The real options theory is then used to improve the traditional valuation model through scenario analysis and incorporation of flexibilities related to the project. Finally, with the game theory, its shown how the interactions among the market players can be sistematized and analysed more formally. The model is demonstrated step-by-step, explaining how the strategic games in a duopoly scenario could be modeled, by determining the equilibrium price, the expected profit earned by each player, the investment return and the binomial tree that will return the final value of the valuation process. Through the analysis of the binomial tree generated, it’s also possible to establish what is the dominant strategy for the investment: a simultaneous investment resulting in a Bertrand equilibrium or a sequential movement, resulting in a Stackelberg equilibrium. The investment strategy is then associated to one of the two possible alternatives to enter a new market: by buyout or building of the new business. At the end of this work, based on the proposed model, it’s presented a case study to analyse a new player entry in a specific market, indicating the recommended strategy: for the building or the buyout of a established player. For this study was chosen the airline company Gol Linhas A´ereas, as the new entrant in the brazilian (domestic) market of air transportation of passengers.
O trabalho tem como objetivo criar um modelo de avaliação de investimentos para a entrada em um novo mercado que possua duas características fundamentais: que considere a possibilidade de aumentar ou reduzir o projeto ao longo da sua implementação e que incorpore a decisão estratégica através da modelagem de um cenário competitivo, onde os concorrentes reagem à ameaça de um novo participante. Para ressaltarmos as vantagens dessa nova abordagem de avaliação de investimentos, os modelos tradicionais mais utilizados são analisados brevemente, ressaltando os seus pontos fortes e fracos. Em seguida, explicamos como o modelo de avaliação por opções reais consegue aprimorar avaliação através da análise dos cenários possíveis e das flexibilidades envolvidas. Com a teoria dos jogos, mostramos como a interação de participantes de um mercado pode ser sistematizada e analisada de maneira formal. O modelo é então demonstrado passo-a-passo, mostrando como devemos tratar os jogos estratégicos em um ambiente de duopólio, determinar o preço de equilíbrio do mercado, o lucro esperado para os participantes, o valor do investimento e criar a árvore binomial que determinará o valor final do processo de avaliação. Através da análise da árvore binomial resultante, é possível também verificar qual foi o tipo de estratégia dominante, seja o investimento simultâneo caracterizando um equilíbrio de Bertrand ou um movimento seqüencial, resultando em um equilíbrio de Stackelberg. Por fim, a estratégia de investimento escolhida é associada a alternativas de entrada no mercado, onde podemos comprar a empresa de um concorrente já estabelecido ou construir o novo negócio desde o começo. Ao final do trabalho, com base no modelo proposto, é apresentado um estudo de caso, onde é feita uma análise de entrada de uma nova empresa em um mercado com concorrentes bem estabelecidos, que poderá indicar pela construção e estabelecimento no mercado desde o início ou pela compra de um concorrente já estabelecido. Para esse estudo foi escolhida a companhia aérea Gol Linhas Aéreas como novo entrante no mercado doméstico de transporte aéreo de passageiros.
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Silva, Fernando César Nimer Moreira da. "Venture capital: valor da informação, riscos e instrumentos para sua mitigação." Universidade de São Paulo, 2014. http://www.teses.usp.br/teses/disponiveis/2/2132/tde-20012015-162731/.
Повний текст джерелаАнотація:
Venture capital é espécie de empreendimento que vincula dois agentes econômicos, empreendedor e investidor, visando ao desenvolvimento de uma ideia inovadora para posterior comercialização no mercado. O empreendedor é detentor de conhecimento sobre a ideia e o investidor possui os recursos para desenvolver o projeto. O negócio se diferencia dos demais pelo alto grau de incerteza e risco do empreendimento e requer o uso de tipos contratuais adequados para sua limitação. O projeto se inicia com a etapa de contratação, na qual as partes negociam a divisão de riscos e retorno do negócio, seguindo-se a etapa de monitoramento do desenvolvimento das atividades. Ao final ocorre o desinvestimento, com a saída do investidor e venda do negócio. Do ponto de vista da Economia, utilizamos a Teoria dos Jogos e apresentamos os problemas informacionais, riscos e incertezas do negócio, e os incentivos para organizar a cooperação entre as partes. Do ponto de vista de Finanças, debatemos a decisão de financiamento do negócio e as alternativas para diversificação dos riscos do investimento, isto é, a possibilidade de limitação dos riscos pela adoção de estratégias de contenção, que aumentam o interesse em contratar o negócio. Do ponto de vista do Direito, avaliamos qual a estrutura contratual ideal para organizar esse tipo de empreendimento. Analisamos as principais formas usadas para organização do negócio, em especial as sociedades limitadas e as sociedades anônimas fechadas. Avaliamos o suporte normativo aplicável, com destaque para a possibilidade de limitação dos riscos do projeto pela aplicação das normas de Direito Societário a esses empreendimentos. Os principais riscos aplicáveis são os riscos de contratação do negócio, os riscos de alocação do poder de decisão entre os sócios e os riscos de interrupção prematura do projeto. Devido à natureza e características do negócio de venture capital, concluímos que esse tipo de projeto é mais bem organizado como um contrato plurilateral e que não há tipo contratual ideal para alinhar os interesses. Dos tipos existentes, a sociedade anônima fechada é o mais adequado, mas incapaz de limitar todos os riscos do negócio. A conclusão é confirmada, parcialmente, pelas evidências empíricas apresentadas.Venture capital is a business that links two economic agents, entrepreneur and investor, aiming to develop an innovative idea for future sale on the market. The entrepreneur holds knowledge about the idea and the investor has the resources to develop the project. It is distinguished from others by the high degree of uncertainty and risk of the project and requires the use of appropriate contract types for its restriction. The project begins with the contracting stage, in which the parties negotiate the division of risks and return business, followed by the monitoring of the development of the business activities. At the end occurs the divestment, in which the finished business is sold by the investor. From the point of view of Economics, we use Game Theory to present the informational problems, business risks and uncertainties, and the incentives to organize the cooperation between the parties. From the standpoint of Finance, we discuss the decision to finance the business, and alternatives for risk diversification, that is, the possibility of limiting the risks by adopting containment strategies that may increase the interest in contracting. From the point of view of Law, we evaluate the ideal contractual structure for organizing this kind of project. We analyze the main existing contract types, in particular, the limited liability companies and the closed corporations. We present our concerns about the normative support applicable to that type of business, emphasizing the Corporate Law problems. We evaluate the normative support applicable, emphasizing the possibility of limiting the project risks by applying the Corporate Law rules to such ventures. The main risks are the risks applicable to the contracting phase, the risk of incorrect allocation of decision rights between the partners and the risk of premature termination of the project. Due to the nature and characteristics of the venture capital business, we conclude that this type of design is best organized as a plurilateral agreement and that there is no contract type that can be considered ideal to align the interests. Considering all the existing types, the private corporation contract is the most appropriate form, but also unable to limit all the business risks. The conclusion is partially supported by the empirical evidence presented.
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Orvoen, Hadrien. "Expressions faciales émotionnelles et Prise de décisions coopératives." Thesis, Paris, EHESS, 2017. http://www.theses.fr/2017EHES0032/document.
Повний текст джерелаАнотація:
Les comportements sociaux coopératifs sont longtemps restés un obstacle aux modèles de choix rationnel, obstacle qu'incarnent des dilemmes sociaux où un individu suivant son intérêt personnel est incité à exploiter la coopération d'autrui à son seul avantage. Je détaillerai tout d'abord comment la coopération peut apparaître un choix sensé lorsque elle est envisagée dans un contexte naturel et réel. Un regard à travers l'anthropologie, la psychologie et la neurobiologie conduit à appréhender la coopération davantage comme une adaptation et un apprentissage que comme un défaut de rationalité. Les émotions jouent un rôle essentiel dans ces processus, et je présenterai en quoi les exprimer aide les êtres humains à se synchroniser et à coopérer. Le sourire est souvent invoqué comme exemple d'un signal universel de coopération et d'approbation, une propriété intimement liée à son expression répétée lors de tâches collaboratives. Malgré tout, on en sait encore peu sur la manière précise dont le sourire et les autres expressions interviennent dans la prise de décision sociale, et en particulier sur le traitement des situations d'incongruence où un sourire accompagnerait une défection. Ce point est le cœur de l'étude expérimentale que je rapporte dans ce manuscrit. J'ai réalisé deux expériences confrontant les participants à un dilemme social dans lequel ils pouvaient investir une somme d'argent auprès de différents joueurs informatisés susceptibles de se l'accaparer, ou, au contraire, de la rétribuer avec intérêts. Les joueurs virtuels étaient personnalisés par un visage dont l'expression pouvait changer après le choix du participant: certains affichaient ainsi des émotions incongruentes avec leur ``décision'' subséquente de rétribuer ou non l'investissement du sujet. Malgré les différences méthodologiques, ces deux expériences ont montré que les expressions incongruentes altéraient la capacité des participants à jauger la propension des joueurs virtuels à rétribuer leurs investissements après une ou plusieurs interactions. Cet effet s'est manifesté tant au travers de rapports explicites que dans les investissements effectués. Dans leurs détails, les résultats de ces expériences ouvrent de nombreuses perspectives expérimentales, et appellent à la construction d'un modèle unifié de la décision sociale face-à-face qui intégrerait les nombreuses connaissances apportées ces dernières années par l'étude des grandes fonctions cognitives, tant au niveau expérimental, théorique que neurobiologiqueFor few decades, rational choice theories failed to properly account for cooperative behaviors. This was illustrated by social dilemmas, games where a self-motivated individual will be tempted to exploit others' cooperative behavior, harming them for his own personal profit. I will first detail how cooperation may rise as a reasonable --- if not rational --- behavior, provided that we consider social interactions in a more realistic context that rational choice theories initially did. From anthropology to neurobiology, cooperation is understood as an efficient adaptation to this natural environment rather than a quirky, self-defeating behavior. Because pertinent information is often lacking or overwhelming, too complex or ambiguous to deal with, it is essential to communicate, to share, and to trust others. Emotions, and their expression, are a cornerstone of humans' natural and effortless navigation in their social environment. Smiles for instance are universally known as a signal of satisfaction, approbation and cooperation. Like other emotional expressions, they are automatically and preferentially treated. They elicit trust and cooperative behaviors in observers, and are ubiquitous in successful collaborative interactions. Beside that however, few is known about how others' expressions are integrated into decision making. That was the focus of the experimental study I relate in this manuscript. More specifically, I investigated how decisions in a trust-based social dilemma are influenced by smiles which are either displayed along a cooperative or defective behavior (``congruently'' and ``incongruently'', resp.). I carried out two experiments where participants played an investment game with different computerized virtual partners playing the role of trustees. Virtual trustees, which were personalised with a facial avatar, could either take and keep participants investment, or reciprocate it with interests. Moreover, they also displayed facial reactions, that were either congruent or incongruent with their computerized ``decision'' to reciprocate or not. Even if the two experiments presented some methodological differences, they were coherent in that they both showed that participants were altered in remembering a virtual trustee's behavior if the latter expressed incongruent emotions. This was observed from participants' investments in game, and from their post-experimental explicit reports. If many improvements to my experimental approach remain to be done, I think it already completes the existing literature with original results. Many interesting perspectives are left open, which appeal for a deeper investigation of face-to-face decision making. I think it constitutes a theoretical and practical necessity, for which researchers will be required to unify the wide knowledge of the major cognitive functions which was gathered over the last decades
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Flage, Alexandre. "Essais sur l’analyse économique des discriminations dans le marché de l’emploi et du logement locatif Ethnic and gender discrimination in the rental housing market : evidence from a meta-analysis of correspondence tests, 2006-2017 Discrimination against gays and lesbians in hiring decisions : a meta-analysis Intermediation and discrimination in an investment game : an experimental study." Thesis, Bourgogne Franche-Comté, 2019. http://www.theses.fr/2019UBFCB004.
Повний текст джерелаАнотація:
La discrimination dans le marché de l’emploi et du logement locatif est génératrice de nombreuses inefficacités économiques et sociales. Pour combattre la discrimination à l’égard des minorités, il est essentiel d’en connaître l’ampleur ainsi que ses différentes sources. Dans cette thèse, nous exploitons à la fois des données expérimentales et des données de terrain pour détecter, mesurer, et étudier la discrimination à la première étape de l’attribution d’emplois et de logements locatifs dans les pays de l’OCDE. Dans un premier temps, nous analysons le niveau et les sources de la discrimination à l’encontre des minorités ethniques dans le marché du logement locatif dans les pays de l’OCDE à travers une méta analyse de tests de correspondance. Les résultats de notre analyse montrent la présence d’une discrimination substantielle à l’encontre des minorités ethniques mais aussi à l’encontre des candidats masculins. Consécutivement à cela, nous réalisons une méta-analyse sur la discrimination à l’égard des candidats homosexuels dans le marché de l’emploi. En plus de révéler un niveau de discrimination similaire à celui subit par les minorités ethniques, notre étude permet de montrer des différences de traitement en fonction du genre des individus et du type d’emploi testé. Dans un troisième temps, nous réalisons une expérience de laboratoire pour étudier l’effet de l’intermédiation dans un contexte propice à la discrimination. Nos résultats indiquent que le plus faible niveau de discrimination observé empiriquement de la part des agents immobiliers n’est pas dû à l’intermédiation mais plutôt aux facteurs propres au marché. Enfin, nous réalisons une expérience de terrain afin de détecter la présence de discrimination à l’égard des personnes ayant un handicap mental, moteur ou visuel dans le marché du logement locatif en France. De manière cohérente avec la littérature sur le marché du travail, il semble que les personnes handicapées soient aussi la minorité la plus discriminée dans le marché du logement locatifDiscrimination in the labor and rental housing market generates many economic and social inefficiencies. In order to combat discrimination against minorities, it is essential to know its extent and its different sources. In this thesis, we use both experimental and field data to detect, measure, and investigate discrimination at the first stage of the rental or the hiring process in OECD countries. As a first step, we analyze the level and the sources of discrimination against ethnic minorities in the rental housing market in OECD countries through a meta-analysis of correspondence tests. Results show the presence of substantial discrimination against ethnic minorities and also against male tenants. Subsequent to this, we perform a meta-analysis on discrimination against openly homosexual candidates in the labor market. In addition to revealing a level of discrimination similar to that experienced by ethnic minorities, our study shows differences in treatment according to the gender of the individuals and the type of job tested. Thirdly, we carry out a laboratory experiment to study the effect of intermediation in a context conducive to discrimination. Our results indicate that the smaller level of empirically observed discrimination by real estate agents is not due to intermediation but rather to market-specific factors. Finally, we perform a field experience to detect the presence of discrimination against people with mental, motor or visual disabilities in the rental housing market in France. Consistent with the literature on the labor market, it appears that people with disabilities are also the most discriminated minority in the rental housing market
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"Models of multi-period cooperative re-investment games." 2010. http://library.cuhk.edu.hk/record=b5894494.
Повний текст джерелаАнотація:
Liu, Weiyang.Thesis (M.Phil.)--Chinese University of Hong Kong, 2010.
Includes bibliographical references (p. 111-113).
Abstracts in English and Chinese.
Abstract --- p.i
Acknowledgement --- p.iii
Chapter 1 --- Introduction and Literature Review --- p.1
Chapter 1.1 --- Introduction --- p.1
Chapter 1.1.1 --- Background and Motivating examples --- p.2
Chapter 1.1.2 --- Basic Concepts --- p.4
Chapter 1.1.3 --- Outline of the thesis --- p.6
Chapter 1.2 --- Literature Review --- p.8
Chapter 2 --- Multi-period Cooperative Re-investment Games: The Basic Model --- p.11
Chapter 2.1 --- Basic settings and assumptions --- p.11
Chapter 2.2 --- The problem --- p.13
Chapter 3 --- Three sub-models and the allocation rule of Sub-Model III --- p.17
Chapter 3.1 --- Three possible sub-models of the basic model --- p.17
Chapter 3.1.1 --- Sub-model I --- p.17
Chapter 3.1.2 --- Sub-model II --- p.18
Chapter 3.1.3 --- Sub-model III --- p.19
Chapter 3.2 --- The allocation rule of Sub-model III --- p.19
Chapter 4 --- A two period example of the revised basic model --- p.25
Chapter 4.1 --- The two period example with two projects --- p.25
Chapter 4.2 --- The algorithm for the dual problem --- p.29
Chapter 5 --- Extensions of the Basic Model --- p.35
Chapter 5.1 --- The model with stochastic budgets --- p.36
Chapter 5.2 --- The core of the model with stochastic budgets --- p.39
Chapter 5.3 --- An example: the two-period case of models with stochastic bud- gets and an algorithm for the dual problem --- p.46
Chapter 5.4 --- An interesting marginal effect --- p.52
Chapter 5.5 --- "A Model with stochastic project prices, stochastic returns and stochastic budgets" --- p.54
Chapter 6 --- Multi-period Re-investment Model with risks --- p.58
Chapter 6.1 --- The Model with l1 risk measure --- p.58
Chapter 6.2 --- The Model with risk measure --- p.66
Chapter 7 --- Numerical Tests --- p.70
Chapter 7.1 --- The affects from uncertainty changes --- p.71
Chapter 7.2 --- The affects from budget changes --- p.71
Chapter 7.3 --- The affects from the budget changes of only one group --- p.71
Chapter 8 --- Conclusive Remarks --- p.77
Chapter A --- Original Data and Analysis for Section 7.1 (Partial) --- p.79
Chapter B --- Data Analysis for Section 7.2 (Partial) --- p.95
Chapter C --- Data Analysis for Section 7.3 (Partial) --- p.98