| COMPETITIVE INVESTMENT STRATEGIES IN NEW TECHNOLOGY ADOPTION WITH A FURTHER NEW TECHNOLOGY ANTICIPATED |
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| 引用本文： | Baojian YIN . Shigeng HU. COMPETITIVE INVESTMENT STRATEGIES IN NEW TECHNOLOGY ADOPTION WITH A FURTHER NEW TECHNOLOGY ANTICIPATED[J]. 系统科学与复杂性, 2007, 20(3): 444-453. DOI: 10.1007/s11424-007-9040-3 |
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| 作者姓名： | Baojian YIN . Shigeng HU |
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| 作者单位： | Department of Mathematics, Huazhong University of Science and Technology, Wuhan 430074, China. |
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| 基金项目： | The wort is supported by National Natural Science Foundation of China under Grant No. 70301003. |
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| 摘 要： |
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| 关 键 词： | 竞争投资策略 预期 不确定 成本 |
| 收稿时间： | 2005-05-16 |
| 修稿时间： | 2005-05-16 |
Competitive Investment Strategies in New Technology Adoption with a Further New Technology Anticipated |
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| Baojian Yin,Shigeng Hu. Competitive Investment Strategies in New Technology Adoption with a Further New Technology Anticipated[J]. Journal of Systems Science and Complexity, 2007, 20(3): 444-453. DOI: 10.1007/s11424-007-9040-3 |
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| Authors: | Baojian Yin Shigeng Hu |
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| Affiliation: | (1) Department of Mathematics, Huazhong University of Science and Technology, Wuhan, 430074, China |
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| Abstract: | This paper studies a general dynamic duopoly in which two firms compete in the adoption of current technology with a further new technology anticipated. Three kinds of equilibria may occur in technology adoption, namely the preemptive, sequential, and simultaneous equilibrium, depending on the level of operating costs and the first-move advantage. It shows that the faster technological innovation encourages the leader to invest earlier, while induces the follower to invest later. Furthermore, like the investment costs, with the increase of the operating costs, the follower tends to invest later, while the leader tends to invest earlier. However, the investment thresholds are more sensitive to the change of the operating costs than that of the investment costs. |
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| Keywords: | Operating costs preemption real options technological uncertainty. |
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