바로가기메뉴

본문 바로가기 주메뉴 바로가기

ACOMS+ 및 학술지 리포지터리 설명회

  • 한국과학기술정보연구원(KISTI) 서울분원 대회의실(별관 3층)
  • 2024년 07월 03일(수) 13:30
사전등록 바로가기
 

logo

ISSN : 2287-1608

논문 상세

이전 다음
논문 투고

Vol.7 No.1
Citation Share

Applying a Two-Stage Option Games Method to Investment Decisions of Business Startups: Case Study of a Smart House Startup in Indonesia

Asian Journal of Innovation and Policy / Asian Journal of Innovation and Policy, (P)2287-1608; (E)2287-1616
2018, v.7 no.1, pp.178-189
https://doi.org/10.7545/ajip.2018.7.1.178
Wardani, Ida Sri (Toyohashi University of Technology)
Fujiwara, Takao (Toyohashi University of Technology)
Wardani,, I. S. , & Fujiwara,, T. (2018). . Asian Journal of Innovation and Policy, 7(1), 178-189, https://doi.org/10.7545/ajip.2018.7.1.178
  • 다운로드 수
  • 조회수
PDF 다운로드

Abstract

In this paper, we present a case study of a new emerging business startup involved in smart house appliances. The irreversible investment concept and real-option theory are introduced as the fundamentals of the model. By using games theory we show that the startup's actions can trigger reactions from other firms. The first part covers initial the research and development stage, while the second part covers production and commercialization. The findings of this study suggest that, given a certain amount of initial investment, an open and shared innovation may lead to hurting a firm's investment while strengthening the competitors' position in the market. However, given the sensitivity analysis, when volatility and demand grow favorably, sharing R&D investment is not a bad option for a new player to adjust its position in the market while still maintaining positive returns.

keywords
Real options approach, game theory, flexibility, two-stage game, smart house company

참고문헌

1.

Aye, N.N. and Fujiwara, T. (2014) Application of option-games approach to the irreversible investment for a new energy industry in Myanmar by simple one-stage strategic model: focused on potential of smart house, Global Journal of Flexible Systems Management, 15(3), 191-202.

2.

Azevedo, A. and Paxson, D. (2014) Developing real option game models, European Journal of Operational Research, 237(3), 909-920.

3.

Cheah, C.Y. and Liu, J. (2006) Valuing governmental support in infrastructure projects as real options using Monte Carlo simulation, Construction Management and Economics, 24(5), 545-554.

4.

Chan, M., Campo, E., Estève, D. and Fourniols, J.Y. (2009) Smart homes-current features and future perspectives, Maturitas, 64(2), 90-97.

5.

Copeland, T. and Antikarov, V. (2001) Real Options, New York: Texere.

6.

Dimakopoulou, A.G., Pramatari, K.C. and Tsekrekos, A.E. (2014) Applying real options to IT investment evaluation: the case of radio frequency identification (RFID) technology in the supply chain, International Journal of Production Economics, 156, 191-207.

7.

Dongping, Y. (2009) Strategic R&D investment: a game theoretic real options approach, Control and Decision Conference.

8.

Fernandes, B., Cunha, J. and Ferreira, P. (2011) The use of real options approach in energy sector investments, Renewable and Sustainable Energy Reviews, 15(9), 4491-4497.

9.

Fujiwara, T. (2014) Real options analysis on strategic partnerships of biotechnological start-ups, Technology Analysis and Strategic Management, 26(6), 617-638.

10.

Ha, N.T. and Fujiwara, T. (2015) Real option approach on infrastructure investment in Vietnam: focused on smart city project, Global Journal of Flexible Systems Management, 16(4), 331-345.

11.

Hyuk, L. (2011) A real option approach to valuating infrastructure investments, Master thesis, KDI School of Public Policy and Management, Https://archives.kdischool.ac. kr/bitstream/11125/1205/1/LEE,%20Hyuk.pdf

12.

Smit, H.T.J. (2003) Infrastructure investment as a real option games: the case of European airport expansion, Finanencial Management, 32(4), 27-S7.

13.

Smit, H.T.J. and Trigeorgis, L. (2007) Strategic options and games in analysing dynamic technology investments, Long Range Planning, 40(1), 84-114.

14.

Smit, H.T.J. and Trigeorgis, L. (2009) Valuing infrastructure investment: an option games approach, Califonia Review Management, SI(2), 79-100.

15.

Solaimani, S., Bouwman, H. and De, R.M. (2010) Smart home: aligning business models and providers processes; a case survey, Proceedings of 21st ACIS, 55-81.

16.

Song, M., Wang, T. and Parry, M.E. (2010) Do market information processes improve new venture performance?, Journal of Business Venturing, 25(6), 556-568.

17.

Suttinon, P., Bhatti, A.M. and Nasu, S. (2011) Option games in water infrastructure investment, Journal of Water Resources Planning and Management, 138(3), 268-276.

18.

Panayi, S. and Trigeorgis, L. (1998) Multi-stage real options: the cases of IT infrastructure and international bank expansion, part 2, Quarterly Review of Economics and Finance, 38(3), 675-692.

Asian Journal of Innovation and Policy

논문 투고 OA 정책