<?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>S1665-53462025000200001</article-id>
<article-id pub-id-type="doi">10.21919/remef.v20i2.1124</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Opciones reales y teoría de juegos para la valuación de acuerdos estratégicos]]></article-title>
<article-title xml:lang="en"><![CDATA[Real Options and Games Theory model for Valuing Strategic Commitments]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Milanesi]]></surname>
<given-names><![CDATA[Gastón Silverio]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad Nacional del Sur  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Argentina</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>06</month>
<year>2025</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>06</month>
<year>2025</year>
</pub-date>
<volume>20</volume>
<numero>2</numero>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S1665-53462025000200001&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S1665-53462025000200001&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S1665-53462025000200001&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen Las decisiones estratégicas de inversión de equipos y recursos humanos, para la prestación de servicios especializados presentan barreras de salida y altos costos transaccionales. Implica una exposición a múltiples fuentes de incertidumbre. Su análisis y valuación requiere de modelos basados en Opciones Reales y Juegos. Motivado en ello, se propone un modelo para valorar contratos estratégicos de prestación de servicios de alta especificidad. Este dentro del marco de las opciones reales simples y juegos (SROG). Su funcionamiento es explorado y analizado aplicando la metodología de análisis de casos en administración. Para ello se utiliza los contratos de servicios formales e informales de análisis de agente sostén, en las perforaciones no convencionales de shale. Desde la perspectiva del proveedor del servicio, el modelo es aplicado y adaptado a valorar corriente de pagos contingentes derivados de las estrategias; resultados no óptimos producto de no acordar formalmente y el valor de la opción de intercambio. En los casos de acuerdos formales de suministro permite cuantificar las sanciones económicas por incumplimiento desde una perspectiva de SROG. Finalmente, se concluye enunciado su alcances y limitaciones.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract Strategic decisions regarding investments in equipment and human resources for the provision of specialized services present exit barriers and high transactional costs. They involve exposure to multiple sources of uncertainty. Their analysis and valuation require models based on Real Options and Game Theory. Motivated by this, a model is proposed to value strategic contracts for the provision of highly specific services, within the framework of simple real options and games (SROG). Its functioning is explored and analyzed using case study methodology in management. For this, formal and informal service contracts of supporting agent analysis are utilized in unconventional shale drilling. From the perspective of the service provider, the model is applied and adapted to value streams of contingent payments derived from strategies, suboptimal outcomes due to the lack of formal agreements, and the value of the exchange option. In the cases of formal supply agreements, it allows for quantifying economic penalties for non-compliance from an SROG perspective. Finally, conclusions are drawn regarding its scope and limitations.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[Opciones reales]]></kwd>
<kwd lng="es"><![CDATA[Teoría de juegos]]></kwd>
<kwd lng="es"><![CDATA[Acuerdos estratégicos]]></kwd>
<kwd lng="es"><![CDATA[G13]]></kwd>
<kwd lng="es"><![CDATA[G31]]></kwd>
<kwd lng="en"><![CDATA[Real Options]]></kwd>
<kwd lng="en"><![CDATA[Game Theory]]></kwd>
<kwd lng="en"><![CDATA[Strategic Agreements]]></kwd>
<kwd lng="en"><![CDATA[G13]]></kwd>
<kwd lng="en"><![CDATA[G31]]></kwd>
</kwd-group>
</article-meta>
</front><back>
<ref-list>
<ref id="B1">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Argyres]]></surname>
<given-names><![CDATA[N.]]></given-names>
</name>
<name>
<surname><![CDATA[Liebeskind]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Contractual commitments, bargaining power and governance inseparability: Incorporating history into transaction cost theory]]></article-title>
<source><![CDATA[Academy of Management Review]]></source>
<year>1999</year>
<volume>24</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>49-63</page-range></nlm-citation>
</ref>
<ref id="B2">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Argyres]]></surname>
<given-names><![CDATA[N.]]></given-names>
</name>
<name>
<surname><![CDATA[Liebeskind]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The role of prior commitment in governance choice]]></article-title>
<person-group person-group-type="editor">
<name>
<surname><![CDATA[Foss]]></surname>
<given-names><![CDATA[N. V.]]></given-names>
</name>
</person-group>
<source><![CDATA[Competence, governance and entrepreneurship]]></source>
<year>2000</year>
<page-range>223-49</page-range><publisher-loc><![CDATA[Oxford ]]></publisher-loc>
<publisher-name><![CDATA[Oxford University Press]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B3">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Armada]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Kryzanowski]]></surname>
<given-names><![CDATA[L.]]></given-names>
</name>
<name>
<surname><![CDATA[Pereira]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Optimal investment decisions for two positioned firms competing in a duopoly market with hidden competitors]]></article-title>
<source><![CDATA[European Financial Management]]></source>
<year>2009</year>
<volume>17</volume>
<page-range>305-30</page-range></nlm-citation>
</ref>
<ref id="B4">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Axelrod]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<source><![CDATA[La Evolución de la Cooperación]]></source>
<year>1986</year>
<publisher-loc><![CDATA[Madrid, España ]]></publisher-loc>
<publisher-name><![CDATA[Alianza Editoria S.A.]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B5">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Azevedo]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Paxson]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[loping real option game models]]></article-title>
<source><![CDATA[European Journal of Operational Research]]></source>
<year>2014</year>
<volume>237</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>909-20</page-range></nlm-citation>
</ref>
<ref id="B6">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Barney]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Lee]]></surname>
<given-names><![CDATA[W.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Multiple considerations in making governance choices: Implications of transaction cost of economics, real option theory and knowledge-based theory of the firms]]></article-title>
<source><![CDATA[Competence, Governance and Entrepreneurship]]></source>
<year>2000</year>
<page-range>232-49</page-range><publisher-name><![CDATA[Oxford University Press]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B7">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Boyer]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Laserrere]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
<name>
<surname><![CDATA[Moreaux]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[A dynamic duopoy investement game without commitment under uncertainty market expansion]]></article-title>
<source><![CDATA[Interntational Journal of Industrial Organization]]></source>
<year>2012</year>
<volume>30</volume>
<page-range>663-81</page-range></nlm-citation>
</ref>
<ref id="B8">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Brandao]]></surname>
<given-names><![CDATA[L.]]></given-names>
</name>
<name>
<surname><![CDATA[Dyer]]></surname>
<given-names><![CDATA[J]]></given-names>
</name>
<name>
<surname><![CDATA[Hahn]]></surname>
<given-names><![CDATA[W]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Using binomial decision trees to solve real options-valuation problems]]></article-title>
<source><![CDATA[Journal of Decision Analysis]]></source>
<year>2005</year>
<numero>2</numero>
<issue>2</issue>
<page-range>642-8</page-range></nlm-citation>
</ref>
<ref id="B9">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Brandao]]></surname>
<given-names><![CDATA[L.]]></given-names>
</name>
<name>
<surname><![CDATA[Dyer]]></surname>
<given-names><![CDATA[J]]></given-names>
</name>
<name>
<surname><![CDATA[Hahn]]></surname>
<given-names><![CDATA[W]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Volatility estimation for stochastic project value models]]></article-title>
<source><![CDATA[European Journal of Operational Research]]></source>
<year>2012</year>
<numero>220</numero>
<issue>220</issue>
<page-range>642-8</page-range></nlm-citation>
</ref>
<ref id="B10">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Castro Monge]]></surname>
<given-names><![CDATA[E.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[El estudio de casos como metodología de investigación y su importancia en la dirección y administración de empresas]]></article-title>
<source><![CDATA[Revista Nacional de Administración]]></source>
<year>2010</year>
<volume>2</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>31-54</page-range></nlm-citation>
</ref>
<ref id="B11">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Chance]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[A Synthesis of Binomial Option Pricing Models for Lognormally Distributed Assets]]></article-title>
<source><![CDATA[Journal of Applied Finance]]></source>
<year>2008</year>
<numero>18</numero>
<issue>18</issue>
</nlm-citation>
</ref>
<ref id="B12">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Chevalier-Roignant]]></surname>
<given-names><![CDATA[B.]]></given-names>
</name>
<name>
<surname><![CDATA[Trigeorgis]]></surname>
<given-names><![CDATA[L.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Strategic Management and Competitive Advantage]]></article-title>
<source><![CDATA[Competitive Strategy]]></source>
<year>2013</year>
<page-range>47-74</page-range></nlm-citation>
</ref>
<ref id="B13">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Copeland]]></surname>
<given-names><![CDATA[T]]></given-names>
</name>
<name>
<surname><![CDATA[Antikarov]]></surname>
<given-names><![CDATA[V.]]></given-names>
</name>
</person-group>
<source><![CDATA[Real Options: A practitioner guide´s]]></source>
<year>2001</year>
<publisher-name><![CDATA[New York Texere Publishing Limited]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B14">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Cox]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Ross]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Rubinstein]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Option Pricing: A Simplified Approach]]></article-title>
<source><![CDATA[Journal of Financial Economics]]></source>
<year>1979</year>
<volume>7</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>229-63</page-range></nlm-citation>
</ref>
<ref id="B15">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Dixit]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Pindyck]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<source><![CDATA[Investment under Uncertainty]]></source>
<year>1994</year>
<edition>1</edition>
<publisher-loc><![CDATA[New Jersey ]]></publisher-loc>
<publisher-name><![CDATA[Pricenton University Press]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B16">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Ebina]]></surname>
<given-names><![CDATA[T.]]></given-names>
</name>
<name>
<surname><![CDATA[Matsushima]]></surname>
<given-names><![CDATA[N.]]></given-names>
</name>
<name>
<surname><![CDATA[Nishide]]></surname>
<given-names><![CDATA[K.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Demand uncertainty, product differentiation, and entry timing under spatial competition]]></article-title>
<source><![CDATA[European Journal of Operational Research]]></source>
<year>2022</year>
<volume>303</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>286-97</page-range></nlm-citation>
</ref>
<ref id="B17">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Fudenberg]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
<name>
<surname><![CDATA[Tirole]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Preemption and rent equalization in the adoption of new technology]]></article-title>
<source><![CDATA[Review of Economics Studies]]></source>
<year>1985</year>
<volume>52</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>383-401</page-range></nlm-citation>
</ref>
<ref id="B18">
<nlm-citation citation-type="">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Ghemawat]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
<name>
<surname><![CDATA[Nalebuff]]></surname>
<given-names><![CDATA[B.]]></given-names>
</name>
</person-group>
<source><![CDATA[Exit. Journals of Economics]]></source>
<year>1985</year>
<volume>16</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>184-94</page-range></nlm-citation>
</ref>
<ref id="B19">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Giglio]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Actualidad de los agentes de sostén]]></article-title>
<source><![CDATA[Petrotecnia]]></source>
<year>2018</year>
<page-range>26-35</page-range></nlm-citation>
</ref>
<ref id="B20">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Godinho]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
</person-group>
<source><![CDATA[Monte Carlo estimation of project volatility for real options analysis]]></source>
<year>2006</year>
<publisher-name><![CDATA[Universidad de Coimbra]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B21">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Godinho]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
</person-group>
<source><![CDATA[Estimating state-dependent volatility of investment projects: a simulation approach]]></source>
<year>2015</year>
<publisher-name><![CDATA[Universidad de Coimbra]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B22">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Graham]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Strategic real options under asymmetric information]]></article-title>
<source><![CDATA[Journal of Economics and Dynamic Control]]></source>
<year>2011</year>
<volume>35</volume>
<numero>6</numero>
<issue>6</issue>
<page-range>922-34</page-range></nlm-citation>
</ref>
<ref id="B23">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Grenadier]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The strategic exercise of options: Development cascades and overbuilding in real state markets]]></article-title>
<source><![CDATA[Journal of Finance]]></source>
<year>1996</year>
<volume>51</volume>
<numero>5</numero>
<issue>5</issue>
<page-range>1653-79</page-range></nlm-citation>
</ref>
<ref id="B24">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Grenadier]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Options exercise games: The intersection of real options and game theory]]></article-title>
<source><![CDATA[Journal of Applied Corporate Finance]]></source>
<year>2000</year>
<volume>13</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>99-107</page-range></nlm-citation>
</ref>
<ref id="B25">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Grenadier]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Option exercise games: an application to the equilibrium investment strategies of firms]]></article-title>
<source><![CDATA[Review of Financial Studies]]></source>
<year>2002</year>
<volume>15</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>691-721</page-range></nlm-citation>
</ref>
<ref id="B26">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Guintis]]></surname>
<given-names><![CDATA[H.]]></given-names>
</name>
</person-group>
<source><![CDATA[Game Theory Evolving]]></source>
<year>2009</year>
<edition>2</edition>
<publisher-loc><![CDATA[United Kingdom ]]></publisher-loc>
<publisher-name><![CDATA[Princeton University Press]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B27">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Heide]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Stump]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Performance implications of buyer-suppler relationship in industrial markets: a Transaction Cost Explanation]]></article-title>
<source><![CDATA[Journal of Business Research]]></source>
<year>1995</year>
<numero>32</numero>
<issue>32</issue>
<page-range>57-66</page-range></nlm-citation>
</ref>
<ref id="B28">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Hsu]]></surname>
<given-names><![CDATA[Y.]]></given-names>
</name>
<name>
<surname><![CDATA[Lambrecht]]></surname>
<given-names><![CDATA[B.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Pre-emptive patenting under uncertainty and asymmetric information]]></article-title>
<source><![CDATA[Annals of Operations Research]]></source>
<year>2007</year>
<volume>151</volume>
<page-range>5-28</page-range></nlm-citation>
</ref>
<ref id="B29">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Klein]]></surname>
<given-names><![CDATA[B.]]></given-names>
</name>
<name>
<surname><![CDATA[Crawford]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
<name>
<surname><![CDATA[Alchian]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Vertical integration, appropiate rents and competitive contracting process]]></article-title>
<source><![CDATA[Law Economics]]></source>
<year>1978</year>
<numero>21</numero>
<issue>21</issue>
<page-range>297-326</page-range></nlm-citation>
</ref>
<ref id="B30">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Kreps]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Rational Cooperation in Finitely Repeated Prisioners´ Dilemmas]]></article-title>
<source><![CDATA[Journal of Economics Theory]]></source>
<year>1982</year>
<volume>27</volume>
<page-range>245-52</page-range></nlm-citation>
</ref>
<ref id="B31">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Kulatilaka]]></surname>
<given-names><![CDATA[N.]]></given-names>
</name>
<name>
<surname><![CDATA[Perotti]]></surname>
<given-names><![CDATA[E.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Strategic growth options]]></article-title>
<source><![CDATA[Management Science]]></source>
<year>1998</year>
<volume>44</volume>
<numero>8</numero>
<issue>8</issue>
<page-range>1021-31</page-range></nlm-citation>
</ref>
<ref id="B32">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Lambrecht]]></surname>
<given-names><![CDATA[B.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The impact of debt financing on entry and exit in duolpoly]]></article-title>
<source><![CDATA[Review of Financial Studies]]></source>
<year>2001</year>
<volume>14</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>765-804</page-range></nlm-citation>
</ref>
<ref id="B33">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Milanesi]]></surname>
<given-names><![CDATA[G.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Asimetría y curtosis en el modelo binomial para valorar opciones reales: caso de aplicación para empresas de base tecnológica]]></article-title>
<source><![CDATA[Estudios Gerenciales]]></source>
<year>2013</year>
<volume>29</volume>
<numero>128</numero>
<issue>128</issue>
<page-range>368-78</page-range></nlm-citation>
</ref>
<ref id="B34">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Milanesi]]></surname>
<given-names><![CDATA[G.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Modelo de valoración con opciones reales, rejillas trinomial, volatilidad cambiante, sesgo y función isoelástica de utilidad]]></article-title>
<source><![CDATA[Revista de Métodos Cuantitativos para la Economía y la Empresa]]></source>
<year>2021</year>
<volume>32</volume>
<page-range>257-73</page-range></nlm-citation>
</ref>
<ref id="B35">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Milanesi]]></surname>
<given-names><![CDATA[G.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Opciones Reales Multinomiales con dos variables de estado y Teoría de juegos en la valoración de estrategias de inversión]]></article-title>
<source><![CDATA[Revista mexicana de economía y finanzas]]></source>
<year>2023</year>
<volume>18</volume>
<numero>4</numero>
<issue>4</issue>
</nlm-citation>
</ref>
<ref id="B36">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Milanesi]]></surname>
<given-names><![CDATA[G.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Valoración de estrategias competitivas, acuerdos colaborativos y penalizaciones con Opciones Reales Multinomiales y Teoría de Juegos]]></article-title>
<source><![CDATA[Revista de métodos cuantitativos para la economía y la empresa]]></source>
<year>2023</year>
<volume>35</volume>
<page-range>26-41</page-range></nlm-citation>
</ref>
<ref id="B37">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Milanesi]]></surname>
<given-names><![CDATA[G.]]></given-names>
</name>
<name>
<surname><![CDATA[Thomé]]></surname>
<given-names><![CDATA[F.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Un modelo consolidado de opciones reales, teoría de juegos y análisis de costos de transacción para el diseño de acuerdos contractuales]]></article-title>
<source><![CDATA[Revista de Economía Política de Buenos Aires]]></source>
<year>2015</year>
<volume>14</volume>
<page-range>59-81</page-range></nlm-citation>
</ref>
<ref id="B38">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Murto]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Exit in duopoly under uncertainty]]></article-title>
<source><![CDATA[Journal of Economics]]></source>
<year>2004</year>
<volume>35</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>111-27</page-range></nlm-citation>
</ref>
<ref id="B39">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Nash]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Two-Person Cooperative Games]]></article-title>
<source><![CDATA[Econometrica]]></source>
<year>1953</year>
<volume>21</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>128-40</page-range></nlm-citation>
</ref>
<ref id="B40">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Pareja Vasseur]]></surname>
<given-names><![CDATA[J]]></given-names>
</name>
<name>
<surname><![CDATA[Prada Sánchez]]></surname>
<given-names><![CDATA[M]]></given-names>
</name>
<name>
<surname><![CDATA[Moreno Escobar]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Volatilidad en opciones reales: revisión literaria y un caso de aplicación en el sector petrolero colombiano]]></article-title>
<source><![CDATA[Revista de Métodos Cuantitativos para la Economía y la Empresa]]></source>
<year>2019</year>
<numero>27</numero>
<issue>27</issue>
<page-range>135-55</page-range></nlm-citation>
</ref>
<ref id="B41">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Pawlina]]></surname>
<given-names><![CDATA[G.]]></given-names>
</name>
<name>
<surname><![CDATA[Kort]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Real options in an asymmetric duopoly: Who benefits from your competitive disadvantage?]]></article-title>
<source><![CDATA[Journal of Economics and Management Strategy]]></source>
<year>2006</year>
<volume>15</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>1-35</page-range></nlm-citation>
</ref>
<ref id="B42">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Paxson]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
<name>
<surname><![CDATA[Pinto]]></surname>
<given-names><![CDATA[H.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Rivalry under price and quantity uncertainty]]></article-title>
<source><![CDATA[Review of Financial Economics]]></source>
<year>2003</year>
<volume>14</volume>
<page-range>209-24</page-range></nlm-citation>
</ref>
<ref id="B43">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Peñaranda]]></surname>
<given-names><![CDATA[V.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Arenas más allá del acatamiento de las normas]]></article-title>
<source><![CDATA[Petrotecnia]]></source>
<year>2014</year>
<page-range>66-81</page-range></nlm-citation>
</ref>
<ref id="B44">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Rese]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Roemer.]]></surname>
<given-names><![CDATA[E]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Managing commitments and flexibility by real options]]></article-title>
<source><![CDATA[Industrial Marketing Management]]></source>
<year>2004</year>
<numero>33</numero>
<issue>33</issue>
<page-range>501-12</page-range></nlm-citation>
</ref>
<ref id="B45">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Smit]]></surname>
<given-names><![CDATA[H.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Infrastructure investment as a real options game: The case of European airport expansion]]></article-title>
<source><![CDATA[Financial Management]]></source>
<year>2003</year>
<numero>Winter</numero>
<issue>Winter</issue>
<page-range>5-35</page-range></nlm-citation>
</ref>
<ref id="B46">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Smit]]></surname>
<given-names><![CDATA[H.]]></given-names>
</name>
<name>
<surname><![CDATA[Ankum]]></surname>
<given-names><![CDATA[L.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[A real options and game-theoretic approach to corporate investment strategy under competition]]></article-title>
<source><![CDATA[Financial Management]]></source>
<year>1993</year>
<volume>22</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>241-50</page-range></nlm-citation>
</ref>
<ref id="B47">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Smit]]></surname>
<given-names><![CDATA[H.]]></given-names>
</name>
<name>
<surname><![CDATA[Trigeorgis]]></surname>
<given-names><![CDATA[L.]]></given-names>
</name>
</person-group>
<source><![CDATA[Strategic Investment: Real Options and Games]]></source>
<year>2004</year>
<edition>1</edition>
<publisher-loc><![CDATA[New Jersey, Estados Unidos ]]></publisher-loc>
<publisher-name><![CDATA[Princeton University Press]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B48">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Thijssen]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Preemption in a real option game with a first mover advantage and a player-specific uncertainty]]></article-title>
<source><![CDATA[Journal of Economics Theory]]></source>
<year>2010</year>
<volume>145</volume>
<page-range>2448-62</page-range></nlm-citation>
</ref>
<ref id="B49">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Williamson]]></surname>
<given-names><![CDATA[O.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Credible commitments: Using hostages to support exchanges]]></article-title>
<source><![CDATA[American Economics Review]]></source>
<year>1983</year>
<volume>73</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>519-40</page-range></nlm-citation>
</ref>
<ref id="B50">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Williamson]]></surname>
<given-names><![CDATA[O.]]></given-names>
</name>
</person-group>
<source><![CDATA[The economics institutions of capitalims]]></source>
<year>1985</year>
<publisher-loc><![CDATA[New York ]]></publisher-loc>
<publisher-name><![CDATA[The Free Press]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B51">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Yu]]></surname>
<given-names><![CDATA[W]]></given-names>
</name>
<name>
<surname><![CDATA[Wen]]></surname>
<given-names><![CDATA[X]]></given-names>
</name>
<name>
<surname><![CDATA[Huberts]]></surname>
<given-names><![CDATA[N]]></given-names>
</name>
<name>
<surname><![CDATA[Kort]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Strategic investment under uncertainty: why multi-option firms lose the preemption run]]></article-title>
<source><![CDATA[Journal of the Operational Research Society]]></source>
<year>2024</year>
<volume>75</volume>
<numero>9</numero>
<issue>9</issue>
<page-range>1855-72</page-range></nlm-citation>
</ref>
<ref id="B52">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Zapata Quimbayo]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
</person-group>
<source><![CDATA[Opciones reales: una guía teórico-práctica para la valoración de inversiones bajo incertidumbre mediante modelos en tiempo discreto y simulación de Monte Carlo]]></source>
<year>2020</year>
<publisher-name><![CDATA[Universidad Externado de Colombia]]></publisher-name>
</nlm-citation>
</ref>
</ref-list>
</back>
</article>
