The given equation is:
\[
2x^2 + 4xy + y^2 + 2x - 2y + 1 = 0.
\]
We are asked to shift the origin to the point \(\left(\frac{3}{2}, -2\right)\).
To do this, we use the transformation formulas:
\[
x' = x - \frac{3}{2}, \quad y' = y + 2.
\]
Now, substitute \(x = x' + \frac{3}{2}\) and \(y = y' - 2\) into the equation:
\[
2(x' + \frac{3}{2})^2 + 4(x' + \frac{3}{2})(y' - 2) + (y' - 2)^2 + 2(x' + \frac{3}{2}) - 2(y' - 2) + 1 = 0.
\]
Expanding all the terms will give:
\[
4x'^2 + 8x'y' + 2y'^2 + 9 = 0.
\]
Thus, the transformed equation is:
\[
\boxed{4x^2 + 8xy + 2y^2 + 9 = 0}.
\]