We study a rich class of noncooperative games that includes models of oligopoly
competition, macroeconomic coordination failures, arms races, bank runs, technology …

This article develops an equilibrium framework for strategic option exercise games. I focus
on a particular example: the timing of real estate development. An analysis of the equilibrium …

Under the standard real options approach to investment under uncertainty, agents formulate
optimal exercise strategies in isolation and ignore competitive interactions. However, in …

In Asset Pricing and Portfolio Choice Theory, Kerry E. Back at last offers what is at once a
welcoming introduction to and a comprehensive overview of asset pricing. Useful as a …

Contingent capital (CC), which aims to internalize the costs of too‐big‐to‐fail in the capital
structure of large banks, has been under intense debate by policy makers and academics …

This paper uses a sample of over 25,000 daily warrant prices to empirically investigate
potential problems with the commonly used warrant pricing model proposed by Black and …

In aggregate, options on real and financial assets can have very different properties.
Typically, the good or service produced by a real asset has a finite elasticity of demand, and …

In many real-world situations, agents must formulate option exercise strategies with
imperfect information. In such a setting, agents may infer the private signals of other agents …

This article analyzes the optional and strategic features of infrastructure investment.
Infrastructure investments generate other investment opportunities, and in so doing change …

This article provides a unified equilibrium approach to valuing commercial real estate
leases. Using a game‐theoretic variant of real options analysis, the underlying real estate …