Flexibility and Uncertainty
形式化了在不确定性下保持灵活性的概念，将其价值与预期信息量关联，并构建了一个基础货币需求模型，同时追溯了灵活性作为经济概念的历史。
The preserving of flexibility when faced with uncertainty is a neglected aspect of behaviour under risk. Yet it is an important factor in decisions to hold liquid assets or delay irreversible investment. This paper formalizes the notion of flexibility in a sequential decision context, and relates its value to the amount of information an agent expects to receive. A rudimentary money demand model is developed embodying these ideas, and the history of flexibility as an economic concept is traced.