A new paradigm for balancing flexibility and commitment in management strategy through the amalgamation of real options and game theory.
Corporate managers who face both strategic uncertainty and market uncertainty confront a classic trade-off between commitment and flexibility. They can stake a claim by making a large capital investment today, influencing their rivals' behavior, or they can take a “wait and see” approach to avoid adverse market consequences tomorrow. In Competitive Strategy, Benoît Chevalier-Roignant and Lenos Trigeorgis describe an emerging paradigm that can quantify and balance commitment and flexibility, “option games,” by which the decision-making approaches of real options and game theory can be combined.
The authors first discuss prerequisite concepts and tools from basic game theory, industrial organization, and real options analysis, and then present the new approach in discrete time and later in continuous time. Their presentation of continuous-time option games is the first systematic coverage of the topic and fills a significant gap in the existing literature.
Competitive Strategy provides a rigorous yet pragmatic and intuitive approach to strategy formulation. It synthesizes research in the areas of strategy, economics, and finance in a way that is accessible to readers not necessarily expert in the various fields involved.
"synopsis" may belong to another edition of this title.
The last two decades have brought a trickle of research that addresses some aspect of the dilemma between flexibility and strategic commitment. Benoît Chevalier-Roignant and Lenos Trigeorgis synthesize and consolidate much of this literature and skillfully extend it. With its excellent exposition and focus on applications to industrial organization and business, this book can serve generations of researchers as a hypermarket for one-stop intellectual shopping.
―Avinash Dixit, John S. F. Sherrerd ´52 University Professor of Economics Emeritus, Princeton UniversityCompetitive Strategy provides a masterful treatment of the use of options and game theory in the analysis of fundamental strategy problems such as capacity expansion, pre-emption, first vs. late mover positioning, etc. Flexibility and commitment are essential characteristics of any competitive strategy and Trigeorgis and Chevalier-Roignant give us a most insightful and practical set of models and tools. This is a must read book for any strategy scholar and decision maker.
―Karel Cool, Professor of Strategic Management and BP Chaired Professor of European Competitiveness, INSEAD, FranceCompetitive Strategy provides a powerful synthesis of modern finance and corporate strategy. Today we can anticipate innovation in strategic advice and its implementation. Who better to prepare us for it than Lenos Trigeorgis, with his experiences as serious academic researcher, skilled consultant and seasoned teacher, and Benoit Chevalier-Roignant with the fresh, innovative mind of a young scholar? Their carefully developed exposition exemplifies the power of real options and games to clarify and quantify the strategic decision-making of the firm. The authors skillfully transform the art of strategy into 'strategic science'.
―Robert C. Merton, Nobel Laureate in Economic SciencesThis book unifies two major strands of economic theory―real options and games―into a single, coherent framework, and then shows how these ideas can be applied to the formulation of corporate strategy in a rigorous fashion. With deep knowledge, Trigeorgis and Chevalier-Roignant take the art of strategy to new heights of analytic sophistication.
―Carliss Baldwin, William L. White Professor of Business Administration, Harvard University"About this title" may belong to another edition of this title.
Shipping:
FREE
Within U.S.A.
Book Description Condition: New. Book is in NEW condition. Seller Inventory # 0262526719-2-1
Book Description Condition: New. New! This book is in the same immaculate condition as when it was published. Seller Inventory # 353-0262526719-new
Book Description Condition: New. Brand New Book. Seller Inventory # 0262526719-SRX
Book Description Condition: New. In. Seller Inventory # ria9780262526715_new
Book Description PAP. Condition: New. New Book. Shipped from UK. THIS BOOK IS PRINTED ON DEMAND. Established seller since 2000. Seller Inventory # L0-9780262526715
Book Description Paperback. Condition: Brand New. reprint edition. 488 pages. 8.75x5.75x1.00 inches. This item is printed on demand. Seller Inventory # zk0262526719
Book Description Paperback / softback. Condition: New. This item is printed on demand. New copy - Usually dispatched within 5-9 working days. Seller Inventory # C9780262526715
Book Description PAP. Condition: New. New Book. Delivered from our UK warehouse in 4 to 14 business days. THIS BOOK IS PRINTED ON DEMAND. Established seller since 2000. Seller Inventory # L0-9780262526715
Book Description Taschenbuch. Condition: Neu. nach der Bestellung gedruckt Neuware - Printed after ordering - A new paradigm for balancing flexibility and commitment in management strategy through the amalgamation of real options and game theory.Corporate managers who face both strategic uncertainty and market uncertainty confront a classic trade-off between commitment and flexibility. They can stake a claim by making a large capital investment today, influencing their rivals' behavior, or they can take a wait and see approach to avoid adverse market consequences tomorrow. In Competitive Strategy, Benoît Chevalier-Roignant and Lenos Trigeorgis describe an emerging paradigm that can quantify and balance commitment and flexibility, option games, by which the decision-making approaches of real options and game theory can be combined.The authors first discuss prerequisite concepts and tools from basic game theory, industrial organization, and real options analysis, and then present the new approach in discrete time and later in continuous time. Their presentation of continuous-time option games is the first systematic coverage of the topic and fills a significant gap in the existing literature. Competitive Strategy provides a rigorous yet pragmatic and intuitive approach to strategy formulation. It synthesizes research in the areas of strategy, economics, and finance in a way that is accessible to readers not necessarily expert in the various fields involved. Seller Inventory # 9780262526715
Book Description Condition: New. Dieser Artikel ist ein Print on Demand Artikel und wird nach Ihrer Bestellung fuer Sie gedruckt. Benoît Chevalier-Roignant has been a management consultant for several years and currently is in a management position in the finance department of an international airline company.Lenos Trigeorgis is the Bank of Cyprus Chair Professor of Finan. Seller Inventory # 5899683