Real options as engines of choice and heterogeneity

• 成果类型: Editorial Material
• 署名作者: McGrath, RG; Ferrier, WJ; Mendelow, AL
• 署名单位: Columbia University; University of Kentucky; University System of Ohio; Kent State University; Kent State University Salem; Kent State University Kent
• 刊物名称: ACADEMY OF MANAGEMENT REVIEW
• ISSN/ISSBN: 0363-7425
• 发表日期: 2004
• 页码: 86-101
• 关键词: investments; exploration; TECHNOLOGY; escalation; COMMITMENT; strategy; uncertainty; projects; COSTS

摘要

Four characterizations of options exist: (1) as a component of total firm value. (2) as specific projects, (3) as choices, and (4) as a heuristic for strategic investment. Option value exists when two conditions apply: future choices and potential for proprietary access to outcomes. Narrower boundary conditions are inconsistent with theory and incomplete for application. The option lens has promise for its power to shed economic insight into behavioral processes.