TAILIEUCHUNG - Báo cáo " Modeling Foreign direct investment by a Prisoner’s dilemma: Greenfield investment (cooperation) or Mergers and Acquisitions (defection) "

Foreign direct investment (FDI) is a heterogeneous flow of funds, composed of both acquisition (cross-border mergers and acquisitions, M&A) and Greenfield investment (GF). Since the dilemma of a firm between GF and M&A is similar to the one between cooperation and defection in Prisoner’s Dilemma (PD), we used PD for modeling FDI. We discuss the conditions for the firms to take GF (cooperation) option by equilibrium analysis | VNU Journal of Science Natural Sciences and Technology 25 2009 123-131 Modeling Foreign direct investment by a Prisoner s dilemma Greenfield investment cooperation or Mergers and Acquisitions defection Nguyen Duc Thien1 Ha Thi Thu Trang2 1Department of Knowledge-based Information Engineering 2Department of Humanities and Management Science and Engineering Toyohashi University of Technology Tempaku Toyohashi 441-8580 Japan Received 13 November 2008 Abstract. Foreign direct investment FDI is a heterogeneous flow of funds composed of both acquisition cross-border mergers and acquisitions M A and Greenfield investment GF . Since the dilemma of a firm between GF and M A is similar to the one between cooperation and defection in Prisoner s Dilemma PD we used PD for modeling FDI. We discuss the conditions for the firms to take GF cooperation option by equilibrium analysis Keywords Foreign direct investment Mergers and Acquisitions Greenfield Prisoner s dilemma Equilibrium Game theory 1. Introduction In an increasingly globalized world the decision of how best to invest into foreign markets is becoming one of the key challenges facing international firms. A firm that decides to market its product abroad has two distinct options of investing into foreign markets either exporting or local production foreign direct investment FDI . If the firm decides to produce locally it can choose between building its own establishment Greenfield investment GF or to acquire an existing local firm cross-border merger and acquisition M A 1 . In this paper we model that accession by a Prisoner s Corresponding author. Tel. 81-90-8457-8324. E-mail thien@sys. tutkie. tut. p dilemma PD . We developed a general equilibrium model of international trade and investment with heterogeneous firms. In equilibrium different firms choose different modes of foreign market access as players. The aim of this paper is to derive an international organization of production a mapping from firm type to mode .

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