Infrastructure Investment as a Real Options Game: The Case of European Airport Expansion
结合实物期权和博弈论，分析基础设施投资如何创造新机会并改变企业战略地位，以欧洲机场扩张为例，发现受增长管制较少的机场能更好利用增长期权，获取更多价值。
This article analyzes the optional and strategic features of infrastructure investment. Infrastructure investments generate other investment opportunities, and in so doing change the strategic position of the enterprise. A combination of real options theory and game theory can capture the elusive value of a strategic modification of a firm’s position in its industry. My model focuses in particular on an analysis of European airport expansion. Airports with infrastructures that are less constrained by growth regulations capture more value, because they are in a better position to exercise growth options available in the airport industry.