IMPACT OF OPERATING COSTS ON INVESTMENT STRATEGIES IN NEW TECHNOLOGY ADOPTION WITH A FURTHER NEW TECHNOLOGY ANTICIPATED  

作　　者：Yin Baojian Hu Shigeng Lei Dongxia 

机构地区：[1]Dept. of Math. , Huazhong Univ. of Science and Technology, Wuhan 430074,China.

出　　处：《Applied Mathematics(A Journal of Chinese Universities)》2006年第1期9-20,共12页高校应用数学学报（英文版）（B辑）

基　　金：SupportedbytheNationalNaturalScienceFoundationofChina(70301003).

摘　　要：The adoption of new technologies often represents a crucial component of firms＇ investment decisions. This paper studies a dynamic duopoly model in which two firms compete in adoption of current technology with a further new technology anticipated. Here it is assumed that the operating costs are not zero which has more explanatory power of the real world. There exist three kinds of equilibria that may occur in adoption of current technology, which mainly depends on the level of operating costs and the first-move advantage. It shows that the faster technological substitution or innovation encourages the leader to invest earlier while induces the follower to invest later. Furthermore,like the investment costs,with the increase of operating costs the follower tends to invest later while the leader tends to invest earlier ,the investment thresholds are more sensitive to the change of operating costs than that of investment costs.The adoption of new technologies often represents a crucial component of firms＇ investment decisions. This paper studies a dynamic duopoly model in which two firms compete in adoption of current technology with a further new technology anticipated. Here it is assumed that the operating costs are not zero which has more explanatory power of the real world. There exist three kinds of equilibria that may occur in adoption of current technology, which mainly depends on the level of operating costs and the first-move advantage. It shows that the faster technological substitution or innovation encourages the leader to invest earlier while induces the follower to invest later. Furthermore,like the investment costs,with the increase of operating costs the follower tends to invest later while the leader tends to invest earlier ,the investment thresholds are more sensitive to the change of operating costs than that of investment costs.

关 键 词：operating cost technological uncertainty PREEMPTION real option. 

分 类 号：F832.48[经济管理—金融学]