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Strategic Investment:
Real Options and Games
Han T. J. Smit & Lenos Trigeorgis

Book Description | Table of Contents
Chapter 1 [in PDF format]


"A tour de force. This 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. With deep knowledge, enlivened by zest and humor, the authors take the reader to the forefront of current thinking."--Carliss Y. Baldwin, William L. White Professor of Business Administration, Harvard Business School, coauthor of Design Rules: The Power of Modularity

"In the study of investment decisions, it has been common to focus on either the financial or the strategic aspects of an investment. This admirable book combines the two perspectives, using the tools of real options and game theory. With its wide-ranging and eclectic assortment of theoretical models and case studies, the book will prove useful to students, practitioners, and researchers."--Robert L. McDonald, Erwin P. Nemmers Distinguished Professor of Finance, Kellogg School of Management, Northwestern University, author of Derivatives Markets

"This book promises to have a very significant impact on the field of strategic management. For years, the field has struggled to find a way of reconciling two contradictory views: flexibility is good vs. commitment is good. Smit and Trigeorgis provide the framework and tools to evaluate when each strategy will create shareholder value. Very well written, the book provides a wealth of interesting examples. It will certainly be of interest to the strategy/investment analyst and MBA student."--Karel Cool, BP Chaired Professor of European Competitiveness, INSEAD

"This timely pioneering book by preeminent authorities in the field provides a powerful introduction to the combination of two important modern tools for investment decisions--real options and game theory. These tools are being increasingly used by consultants and firms. Smit and Trigeorgis show that it is possible to be straightforward and clear when analyzing real investments and framing business plans using sophisticated tools like real options and games. They bypass complexity and focus on intuition and applicability, providing a rich practical framework allowing the reader to analyze investment strategy with eagle-eyed wisdom. Even the most rigorous reader will recognize the power of simplicity in analyzing complex business problems and the richness of the case applications. It is the ideal text not only for undergraduate and MBA students but also for consultants and managers, who will finally get the first readable book on this topic."--Marco A.G. Dias, Petrobras

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File created: 4/21/2017

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