Decision making in the prisoner's dilemma game: The effect of exit on cooperation and social welfare
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DOI: 10.1002/bdm.2096
Abstract: The prisoner's dilemma game is a mixed-motive game that offers two players the simultaneous choice between a cooperative and a defective alternative. An often neglected aspect of such a binary-choice game, however, is that in… read more here.
Keywords: game; exit option; social welfare; exit ... See more keywords
The optimal time to make a risky investment under a permanent exit option
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DOI: 10.1007/s10845-017-1299-1
Abstract: We study an optimal investment policy of a risky project when there exists the possibility that a firm may permanently exit the business under deeply deteriorated market conditions in the future. To capture the riskiness… read more here.
Keywords: permanent exit; uncertainty; exit option; investment ... See more keywords