Real Options as Engines of Choice and Heterogeneity
梳理了实物期权的四种定义，指出期权价值需满足未来选择和专有成果获取两个条件，并认为期权视角有助于理解经济行为过程。
Four characterizations of options exist: (1) as a component of total firm value, (2) as specific projects, (3) as choices, and (4) as a heuristic for strategic investment. Option value exists when two conditions apply: future choices and potential for proprietary access to outcomes. Narrower boundary conditions are inconsistent with theory and incomplete for application. The option lens has promise for its power to shed economic insight into behavioral processes.