Real Options Function for Survival of Biotech Start-ups in Commercializing Life Science Findings

在后雷曼危机的资本市场背景下，研究了生物技术企业在死亡谷(赤字谷)中生存的实物期权决策模型和与大型制药公司战略合作伙伴关系的期权博弈模型，科学关联性强，适合将生命科学成果商业化。特别是对R&D的跳跃扩散时间期权、战略合作伙伴的序贯复合转换期权和随机优化许可费用组合的概念有效性进行了论证。

I studied decision-making models on the real options for biotech start-ups to survive in the death-valley(deficit-valley) and on the option-games for them to deal the strategic partnerships with large pharmaceutical companies, in the context of capital market after Lehman Shock in biotech industry, where science linkage is strong and start-ups are suitable for commercializing the life science findings. Especially I made proof of conceptual effectiveness in the timing option with jump-diffusion process at R&D, sequential compound switching option and stochastic optimization of license fee composite at strategic partnerships.