Optimal procurement and investment in new technologies under uncertainty
研究了买方在成本随机演化且供应商拥有私有信息时，如何优化新技术的投资策略，发现信息不对称会扭曲技术选择和投资时机，并设计了一种支付结构来实现最优投资时机。
We study a buyer’s optimal investment strategy for new technologies when costs evolve stochastically and are private information to the suppliers. In a real option setting, we show how the asymmetric information on the stochastic variables optimally distorts technology choice and investment timing. We find that with multiple technologies, asymmetric information may delay or speed up investment, compared to the first-best real option benchmark. We also suggest a payment structure that implements the buyer’s optimal investment timing as a Vickrey-type auction.