Investment and operational decisions for start-up companies: a game theory and Markov decision process approach
This paper analyses the contract between an entrepreneur and an investor, using a non-zero sum game in which the entrepreneur is interested in company survival and the investor in maximizing expected net present value. Theoretical results are given and the model’s usefulness is exemplified using sim...
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| Vydáno v: | Annals of operations research Ročník 299; číslo 1-2; s. 317 - 330 |
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| Hlavní autoři: | , |
| Médium: | Journal Article |
| Jazyk: | angličtina |
| Vydáno: |
New York
Springer US
01.04.2021
Springer Springer Nature B.V |
| Témata: | |
| ISSN: | 0254-5330, 1572-9338 |
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| Abstract | This paper analyses the contract between an entrepreneur and an investor, using a non-zero sum game in which the entrepreneur is interested in company survival and the investor in maximizing expected net present value. Theoretical results are given and the model’s usefulness is exemplified using simulations. We have observed that both the entrepreneur and the investor are better off under a contract which involves repayments and a share of the start-up company. We also have observed that the entrepreneur will choose riskier actions as the repayments become harder to meet up to a level where the company is no longer able to survive. |
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| AbstractList | This paper analyses the contract between an entrepreneur and an investor, using a non-zero sum game in which the entrepreneur is interested in company survival and the investor in maximizing expected net present value. Theoretical results are given and the model’s usefulness is exemplified using simulations. We have observed that both the entrepreneur and the investor are better off under a contract which involves repayments and a share of the start-up company. We also have observed that the entrepreneur will choose riskier actions as the repayments become harder to meet up to a level where the company is no longer able to survive. |
| Audience | Academic |
| Author | Archibald, Thomas W. Possani, Edgar |
| Author_xml | – sequence: 1 givenname: Thomas W. orcidid: 0000-0002-3132-7909 surname: Archibald fullname: Archibald, Thomas W. email: tarchibald@ed.ac.uk organization: Business School, University of Edinburgh – sequence: 2 givenname: Edgar orcidid: 0000-0002-1127-810X surname: Possani fullname: Possani, Edgar organization: Department of Mathematics, ITAM |
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| CitedBy_id | crossref_primary_10_1007_s10479_023_05182_z crossref_primary_10_1007_s10479_023_05743_2 crossref_primary_10_3390_su17188385 crossref_primary_10_2478_cait_2023_0039 crossref_primary_10_1108_MD_08_2021_1094 crossref_primary_10_1007_s10479_020_03783_6 crossref_primary_10_1007_s10479_022_04962_3 crossref_primary_10_1108_JBSED_01_2023_0005 crossref_primary_10_1108_K_07_2024_1950 crossref_primary_10_1016_j_tre_2025_103974 |
| Cites_doi | 10.1006/j.ejor.2018.04.044 10.1287/mnsc.1070.0759 10.1007/s10479-012-1168-4 10.1016/j.ejor.2016.04.040 10.1016/j.jbusvent.2016.05.001 10.1016/S0883-9026(03)00027-2 10.1111/1540-6261.00597 10.1016/j.jbusvent.2012.09.002 10.1016/S0883-9026(00)00067-7 10.1111/etap.12104 10.1007/s10898-011-9725-y 10.1006/j.jcorpfin.2017.10.013 10.1016/j.ejor.2015.10.051 10.1093/rof/rft021 10.1016/S0377-2217(02)00144-3 10.1016/j.jcorpfin.2012.07.002 10.1016/j.jbusvent.2012.06.002 10.1016/j.jbusvent.2006.07.005 10.1287/mnsc.2014.2041 10.1016/j.jbusvent.2009.09.003 10.1016/j.jbusvent.2006.07.003 10.1007/s10479-016-2316-z 10.2307/2329157 |
| ContentType | Journal Article |
| Copyright | The Author(s) 2019 COPYRIGHT 2021 Springer The Author(s) 2019. This work is published under http://creativecommons.org/licenses/by/4.0/ (the “License”). Notwithstanding the ProQuest Terms and Conditions, you may use this content in accordance with the terms of the License. |
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| SubjectTerms | Business and Management Combinatorics Decision analysis Decision theory Entrepreneurship Game theory Investments Management Markov processes New business enterprises Operations research Operations Research/Decision Theory S.I.: Recent Developments in Financial Modeling and Risk Management Startups Theory of Computation Zero sum games |
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| Title | Investment and operational decisions for start-up companies: a game theory and Markov decision process approach |
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