Information Revelation, Incentives, and the Value of a Real Option
在实物期权估值中引入激励因素，指出运营灵活性不仅让企业根据新信息调整决策，还会通过决策变化向外界传递信息，从而改变观察者的激励，因此延迟期权可能因维持信息优势而有价值。
The real options approach to capital budgeting focuses on valuing benefits of project flexibility. This paper presents an incentive consideration in such valuation. Operating flexibility not only allows a firm to change course in response to new information, but also allows interested observers to make inferences based on the change in course (or lack thereof). Such information conveyance through refined operating choices can alter observers' incentives. As a result, an option to delay may prove valuable because it allows a firm to prolong informational advantages.