Real options: Batch process and market entry/exit decisions under uncertainty

被引：14

作者：

Lin, CT ^{[1
]}

Wu, CR ^{[1
]}

机构：

[1] Ming Chuan Univ, Grad Sch Management, Taipei, Taiwan

来源：

ASIA-PACIFIC JOURNAL OF OPERATIONAL RESEARCH | 2004年 / 21卷 / 01期

关键词：

international business; batch process; entry and exit; exchange rate uncertainty; real options;

D O I：

10.1142/S0217595904000023

中图分类号：

C93 [管理学]; O22 [运筹学];

学科分类号：

070105 ; 12 ; 1201 ; 1202 ; 120202 ;

摘要：

Under uncertainty of exchange rate, we extend the batch process production model of Lin et al. (2002) by considering an export-oriented manufacturer making decisions to switch freely between domestic and foreign locations. The export-oriented manufacturer is risk neutral and has rational expectations. We use dynamic programming and Lagrange multiplies for a stochastic optimization control problem to get the productive value of exporter produces in domestic and foreign locations. Next, the export-oriented manufacturer can make decision regarding the optimal entry (exit) trigger for transferable locations wherever the product locations are. It provides the supplier with another way to make decisions.

引用

页码：35 / 52

页数：18

共 23 条

[1]

ABEL AB, 1983, AM ECON REV, V73, P228

[2] MODES OF FOREIGN ENTRY - A TRANSACTION COST-ANALYSIS AND PROPOSITIONS [J].