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This paper provides a two-stage decision framework in which two or more parties exercise a jointly held real option. We show that a single party’s timing decision is always socially efficient if it precedes bargaining on the...

decision analysis Investment timing Real options Nash bargaining solution Agency problem

This paper provides a two-stage decision framework in which two or more parties exercise a jointly held real option. We show that a single party’s timing decision is always socially efficient if it precedes bargaining on the...

decision analysis Investment timing Real options Nash bargaining solution Agency problem