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Real options approach and game theory are used to determine the most favorable decisions for employing options in a joint venture. Findings revealed that symmetries among partners in synergy or knowledge acquisition capability are significant to the dissolution or stability of the joint venture. A model designed to analyze the dynamics of a joint venture is also presented.

Reports on the use of real options approaches in corporate decision-making in Maryland. Misunderstanding of the foundations of corporate finance; Market price of an identical liquid investment; Approach toward value maximization.

Acoustic signals from three long-range (500-700 km) transmission paths in the Northeast Pacific were examined for multipath structures. Sound propagation along each path encountered both different sound-speed provinces and unique bathymetry which, together with the range differences, caused characteristic pulse arrival patterns at each hydrophone site. The receivers were all on a sloping bottom at depths between 1200 and 1400 m and the source depth was at 450 m in deep water. Ray-path arrivals were modeled using impulse, a new ray-theoretical impulse response code written by one of us (RCS). This code uses piecewise continuous cubic polynomials to fit the sound-speed profile and bathymetric profile, and Runge-Kutta methods to solve the ray equation of motion. It allows arbitrary ray density in launch angle, and identifies eigenrays by searching for rays whose depths bracket the receiver and which were adjacent at the source. Using this procedure, we were able to identify most of the major pulse arrivals observed at each of the recording sites. [ABSTRACT FROM AUTHOR]

Signal speeds (average horizontal ray velocities) are calculated on the basis of bathymetry and nine sound speed profiles (SSPs) for three great circle paths from shot detonation sites off Perth, Australia to receivers near Fernando de Noronha (14 552 km) and Bermuda (19 766 and 19 810 km). We use two signal speed algorithms, one a long-range ray-tracing code and the other an adiabatic invariant approximation (AIA) method, which assumes J = ∮ c-1 sin [variant_greek_theta] dz is constant for a given ray (where ∮ dz is an integral over one-ray cycle, c the local depth-dependent sound speed, [variant_greek_theta] the ray angle, and z the depth coordinate). Comparison with field measurements made 21 years ago shows that the ray-tracing and AIA methods, when applied to the same eigenrays, yield values averaging, respectively, 5.9±2.3 and 4.5±2.4 m/s below the observed values. The AIA method, however, yields values only 2.0±1.6 m/s below measurements when applied to rays vertexing just above the chief bathymetric obstructions near the Crozet and Kerguelen Islands. The specific reason for the offset is unclear, but this study shows AIA methods can be accurate for very general range-dependent SSPs. [ABSTRACT FROM AUTHOR]

Acoustic signals from three long-range (500-700 km) transmission paths in the Northeast Pacific were examined for multipath structure. Sound propagation along each path encountered both different sound-speed provinces and unique bathymetry which, together with the range differences, caused characteristic pulse arrival patterns at each hydrophone site. The receivers were all on a sloping bottom at depths between 1200 and 1400 m and the source depth was at 450 m in deep water. Raypath arrivals were modeled using IMPULSE, a new ray-theoretical impulse response code written by one of us (RCS). This code uses piecewise continuous cubic polynomials to fit the sound-speed profile and bathymetric profile, and Runge-Kutta methods to solve the ray equation of motion. It allows arbitrary ray density in launch angle, and identifies eigenrays by searching for rays whose depths bracket the receiver and which were adjacent at the source. Using this procedure, we were able to identify most of the major pulse arrivals observed at each of the recording sites. [ABSTRACT FROM AUTHOR]