選擇權於專利技術鑑價分析與工程應用實例

Option pricing theory, including the rule of thumb, the rule of comparison, the rule of NPV, the rule of real option…etc., is wisely applied in the patent/technology pricing. Wherein, in the rule of real option, the B-S Model is immensely applied in the patent/technology pricing. However, when applying the B-S Model in the patent/technology pricing, a problem, which the further cost does not conform to the activity of practical commerce world, is found. This paper proposes a compound option model for a possible solution. The finite difference method is devised to solve the compound option model. Several case studies are made, and the difference between the B-S Model and the compound option model is addressed in this paper. The pricing result of the B-S Model for the patent/technology pricing is highly evaluated in comparison with the compound option model. This paper also addresses the influence of the pricing results for the patent/technology pricing by each related parameter from the sensitivity analysis.