The real options approach has been supporting investment decision-making processes for years. However, on competitive markets, the real options games approach is the more suitable way. In this article, a real options game subject to analysis is the situation in which two companies with different market share are exploring an opportunity to implement a new investment project. It is known that competition on the market reduces the scope of benefits a company can gain whilst implementing the project. In this paper, we show that this reduction can be mitigated by taking into account payoff transfer designated as a bargaining solution. We discuss three main types of games between companies that we can observe on the market; then we analyze their bargaining solutions, and finally—come up with recommendations to companies. A firm that dominates its respective market usually benefits by implementing the most advantageous strategy, but in certain situations it should pay special attention to its weaker competitor’s opportunities and try to anticipate its movements. In the paper, we show that with high project risk and significant asymmetry in the firms’ market share, a weaker company may still hold all the cards.

中文翻译：

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实物期权交易游戏

实物期权方法多年来一直在支持投资决策过程。但是，在竞争性市场上，实物期权博弈方法是更合适的方法。在本文中，一个需要分析的实物期权博弈是这样一种情况，即两家具有不同市场份额的公司正在探索实施新投资项目的机会。众所周知，市场竞争会减少公司在实施项目时可以获得的收益范围。在本文中，我们表明可以通过考虑指定为讨价还价解决方案的收益转移来减轻这种减少。我们讨论了我们可以在市场上观察到的公司之间的三种主要游戏类型；然后我们分析他们的议价解决方案，最后-向公司提出建议。在各自市场中独占firm头的公司通常会通过实施最有利的战略而受益，但在某些情况下，它应特别注意其较弱的竞争对手的机会并尝试预测其走势。在本文中，我们表明，由于项目风险高且公司的市场份额不对称，实力较弱的公司仍可能持有所有卡。