非对称寡头市场的期权博弈

Option Game in an Asymmetric Oligopoly Market

为研究产品差异下寡头市场的竞争投资策略,用定价优势反映产品的差异性,用市场需求反映产品的同质性,建立了一个非对称寡头市场的期权博弈模型,推导出市场中每个企业的价值函数和投资阈值,并量化分析了投资阈值的选择原则,给出不确定性对投资策略的影响。研究发现,当参数满足不同条件时,投资策略会在占优投资和抢占投资间转变;定价优势(或市场需求)不确定性的提高并不总会导致投资的推迟。

To investigate competitive investment strategy of firms in an oligopoly market with product differentiation, this paper establishes an asymmetric option game model in which market demand and pricing advantage are used to reflect product homogeneity and product differentiation, respectively. Value functions and investment thresholds of any firms are derived and choice principle of investment triggers is given. Furthermore, the influence of uncertainty is analyzed in this paper. It shows that investment strategy will change between optimal exercise trigger and preemptive one when parameters meet with different conditions. It is also found that the increase of the pricing advantage or the market demand does not always postpone the investment.