切换成本对线性市场投资决策影响的实物期权分析

本文基于Hotelling模型,针对一个企业在线性区域内的投资决策,考虑投资者在采用为自己作为新进入公司,为新客户使用本公司的产品付出切换成本来竞争市场的策略行为,建立需求不确定环境中的连续动态模型,应用实物期权分析方法评价投资者的投资机会价值和最优投资策略,研究切换成本对投资者投资机会的价值和投资决策的影响.本文研究结果给出了投资者在付出切换成本获得市场份额和减少成本增加投资价值之间的权衡.

REAL OPTIONS ANALYSIS OF THE EFFECT OF COMPETITIVE STRATEGY TO CONSUMER WITH SWITCHING COST

The paper considers a firm who want to invest in entering a market distributed on a linear district.The strategy that will be used by the new firm for attracting new consumers with switching cost is to let the price fall short of value to the extent of switching cost.The emphasis of the paper has been put on the effect of the strategy on the entry behavior.The result of the paper shows that the trade-off between using the less cost aiming at increasing the revenue.