Option Value to Waiting Created by a Control Problem
研究委托代理模型中，因控制问题使得原本无价值的等待期权变得有价值，通过延迟项目审批来利用多样化效应改善激励。
We study a principal‐agent model in which there is an option to defer a capital project approval decision. A control (incentive) problem makes the option to wait valuable when it would not have been valuable otherwise. Deferring the project approval decision has both a cost and a benefit. The cost of waiting is that the agent’s uncertainty regarding future project cost realizations cannot be exploited. However, by delaying the first project’s approval decision, the principal can condition its approval on the agent’s cost report of the second project. Such conditioning can be valuable in the provision of incentives because of a diversification effect.