Abstract: In the project investment decision-making process,investors have the right not only to enter the project but also to withdraw from the project.We assume that the project investment and the operating costs are asymmetric,propose a more practical investment model of asymmetric duopoly game model with exit,and give the optimal conversion point.We analyze the impact of operating costs,price volatility,the level of monopoly advantages,exit costs and other factors on the conversion points.

Key words: management science, investment strategy, option game, exit option