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标准实物期权方法假设企业家具有不变的时间偏好,已有的研究却证实企业家具有时间偏好不一致的特征。因此在金融期权定价理论的基础上,拓展引入时间偏好因素后的美式期权定价数值方法。研究表明,企业家的时间偏好不一致性不仅会影响项目的灵活性价值,更对企业家对项目最佳投资时机的判断存在干扰。研究所提供的数值方法不仅可以协助企业家更加合理地评估项目价值,而且能更有效地配置有限资源。
The standard real option method assumes that entrepreneurs have a constant time preference. However, previous studies have confirmed that entrepreneurs have the characteristics of inconsistent time preferences. Therefore, based on the theory of financial option pricing, we expand the value method of American option pricing after introducing the time preference factor. The research shows that inconsistency of time preference of entrepreneurs not only affects the flexibility value of the project, but also disrupts the judgment of entrepreneurs on the optimal investment timing of the project. The numerical methods provided by the Institute not only help entrepreneurs to assess project value more reasonably, but also allocate limited resources more effectively.