The Opportunity Cost of Using Excess Capacity
指出，使用闲置设施的新项目应承担机会成本，该成本源于产能占用导致的企业期权价值变化，并批评传统方法忽略了期权因素。
When a new project proposal calls for the use of existing, but currently idle, facilities, an opportunity cost should be charged to the new project for using those facilities. Capacity in place gives the firm an option to produce. When capacity is not available, the firm has an option to invest. The true opportunity cost of using the excess capacity is the change in the value of the firm's options that is caused by diverting capacity to some other purpose. Techniques exist for estimating this cost, but we argue that they ignore the option elements of the problem. We show that the true opportunity cost can vary widely in different circumstances and that existing measurement techniques err primarily by focusing oil the cost of specific investment programs rather than on the value of a firm's production and investment options.