阐述了实物期权的基本原理和敲出障碍期权的内涵及其定价求解，提出了基于敲出障碍期权的实物期权定价方法和博弈理论的项目投资决策分析，分析了双寡头市场结构下的项目投资决策，给出了算例分析。

In this paper, firstly, the connotation and the solution of down knock-out option and the basic principle of real option are dissertated, then, the method applied in project investment decision based on down knock-out option and game theory is put forward. And the project pricing in duopoly market structure is mainly analyzed. At last, example is provided.