<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>1665-5346</journal-id>
<journal-title><![CDATA[Revista mexicana de economía y finanzas]]></journal-title>
<abbrev-journal-title><![CDATA[Rev. mex. econ. finanz]]></abbrev-journal-title>
<issn>1665-5346</issn>
<publisher>
<publisher-name><![CDATA[Instituto Mexicano de Ejecutivos de Finanzas A.C.]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S1665-53462023000400005</article-id>
<article-id pub-id-type="doi">10.21919/remef.v18i4.903</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Opciones Reales Multinomiales con dos variables de estado y Teoría de juegos en la valoración de estrategias de inversión]]></article-title>
<article-title xml:lang="en"><![CDATA[Multinomial Real Options with Two State Variables and Game Theory in Investment Strategy Valuation]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Milanesi]]></surname>
<given-names><![CDATA[Gastón S.]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
<xref ref-type="aff" rid="Aaf"/>
<xref ref-type="aff" rid="A a"/>
<xref ref-type="aff" rid="A3"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad Nacional del Sur  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Argentina</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidad de Buenos Aires  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Argentina</country>
</aff>
<aff id="Af3">
<institution><![CDATA[,Universidad Tecnológica Nacional  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Argentina</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>12</month>
<year>2023</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>12</month>
<year>2023</year>
</pub-date>
<volume>18</volume>
<numero>4</numero>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S1665-53462023000400005&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S1665-53462023000400005&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S1665-53462023000400005&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen Analizar y valorar estrategias implica considerar incertidumbres emergentes de las decisiones del agente, estados de la naturaleza y las acciones de terceros. El modelo a utilizar debe ser capaz de recrear las contingencias mencionadas para que sus resultados informen los cursos de acción de mayor valor actual. El presente trabajo propone un modelo analítico simple para cuantificar las múltiples fuentes de riesgo, combinando Teoría de Juegos y Opciones Reales. Las estrategias de compra o diferimiento son valoradas con un modelo multinomial modificado de dos variables de estado. Los resultados obtenidos son empleados en una negociación modelada matricialmente en un simple juego no recurrente. Aplicando la metodología de casos en administración, se analiza una estrategia de integración horizontal y expansión en la elaboración de cloruro de litio en la República Argentina. En tal sentido el trabajo aporta un modelo analítico numérico aplicable la valoración de estrategias, incentivos económicos y penalidades. El modelo se constituye en una herramienta para el análisis estratégico y diseño acuerdos de colaboración.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract Analyzing and assessing strategies involves considering emerging uncertainties from the agent's decisions, states of nature, and actions of third parties. The model to be used must be capable of recreating the mentioned contingencies so that its results inform courses of action with the highest present value. This paper proposes a simple analytical model to quantify the multiple sources of risk, combining Game Theory and Real Options. Buying or deferring strategies are assessed using a modified multinomial model with two state variables. The obtained results are applied in a matrix-modeled negotiation in a simple non-recurring game. Applying the methodology of case studies in management, a strategy of horizontal integration and expansion in lithium chloride production in the Argentine Republic is analyzed. In this regard, the work provides a numerical analytical model applicable to the assessment of strategies, economic incentives, and penalties. The model serves as a tool for strategic analysis and the design of collaboration agreements.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[G13]]></kwd>
<kwd lng="es"><![CDATA[G31]]></kwd>
<kwd lng="es"><![CDATA[Teoría de Juegos]]></kwd>
<kwd lng="es"><![CDATA[Multinomial]]></kwd>
<kwd lng="es"><![CDATA[Opciones Reales]]></kwd>
<kwd lng="es"><![CDATA[Incertidumbre]]></kwd>
<kwd lng="en"><![CDATA[G13]]></kwd>
<kwd lng="en"><![CDATA[G31]]></kwd>
<kwd lng="en"><![CDATA[Games Theory]]></kwd>
<kwd lng="en"><![CDATA[Multinomial]]></kwd>
<kwd lng="en"><![CDATA[Real Options]]></kwd>
<kwd lng="en"><![CDATA[Uncertainties]]></kwd>
</kwd-group>
</article-meta>
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