Real Options and Real Tradeoffs
回应评论文章，指出实验过程发现新机会的挑战不同于预设后续投资，强调有效放弃过程带来的战略权衡，并澄清实物期权逻辑在战略思考中的适用边界。
The commentaries on our article fail to come to grips with the distinct challenges raised by a process of experimentation that leads to the discovery of new possible initiatives. These challenges differ from those posed by an investment that provides privileged access to a prespecified set of possible follow-on investments. By treating these challenges as simple problems of implementation, the commentaries ignore the strategic tradeoffs implied by efficient abandonment processes and, therefore, fail to clarify where the logic of real options is likely to be more (and less) helpful to strategy thinking.