应用期权博弈理论建立了排污权交易条件下领导厂商与跟随厂商污染治理新技术投资决策模型,给出了领导厂商与跟随厂商污染治理新技术投资的期权价值和最佳时机,并进行了仿真计算。结果表明,通过排污权市场预期价格与期权价值临界值的比较,可以进行厂商污染治理新技术投资或者等待的决策。
In the paper, we establish a model for new technology investment decision for pollution treatment of leading and following firms under emission permits trading mechanism. The option value and best time of the new technology investment for both leaders and followers are obtained, and the simulations are conducted. The results show that comparing the expected market price of emission permits with critical option value, firms can decide to invest for the new technology or just to wait.