| 来源类型 | Article |
| 规范类型 | 其他 |
| DOI | 10.1023/B:JOTA.0000012737.20285.33 |
| Multiequilibrium game of timing and competition of gas pipeline projects. | |
| Klaassen G; Kryazhimskiy AV; Tarasyev AM | |
| 发表日期 | 2004 |
| 出处 | Journal of Optimization Theory and Applications 120 (1): 147-179 |
| 出版年 | 2004 |
| 语种 | 英语 |
| 摘要 | The paper addresses the issue of the optimal investments in innovations with strong long-term aftereffects. As an example, investments in the construction of gas pipelines are considered. The most sensitive part of an investment project is the choice of the commercialization time (stopping time), i.e., the time of finalizing the construction of the pipeline. If several projects compete on the market, the choices of the commercialization times determine the future structure of the market and thus become especially important. Rational decisions in this respect can be associated with Nash equilibria in a game between the projects. In this game, the total benefits gained during the pipelines life periods act as payoffs and the commercialization times as strategies. The goal of this paper is to characterize multiequilibria in the game of timing. The case of two players is studied in detail. A key point in the analysis is the observation that, for all players, the best response commercialization times concentrate at two instants that are fixed in advance. This reduces decisionmaking to choosing between two fixed investment policies (fast and slow) with the prescribed commercialization times. A description of a simple algorithm that finds all the Nash equilibria composed of fast and slow scenarios concludes the paper. |
| 主题 | Dynamic Systems (DYN) ; Transboundary Air Pollution (TAP) ; Transboundary Air Pollution (TAP) |
| 关键词 | Optimal stopping problem Game of timing Multiequilibria Best reply curves Econometric estimation |
| URL | http://pure.iiasa.ac.at/id/eprint/7142/ |
| 来源智库 | International Institute for Applied Systems Analysis (Austria) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/128366 |
| 推荐引用方式 GB/T 7714 | Klaassen G,Kryazhimskiy AV,Tarasyev AM. Multiequilibrium game of timing and competition of gas pipeline projects.. 2004. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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