Do Real Options Lead to Escalation of Commitment?
探讨实物期权是否会导致承诺升级，指出承诺升级主要发生在非营利组织，并分析代理理论和归因理论如何反驳承诺升级框架，强调投资回报波动时需灵活选择期权执行时机。
I examine the concern that unconstrained real options can lead to escalation of commitment and identify contexts in which escalation of commitment is likely. I argue that these situations fall primarily outside the realm of unregulated for-profit organizations and also that the predictions of agency and attribution theories counter the predictions of the escalation of commitment framework. Finally, I assert that optimality requires flexibility in the timing of the exercise of real options when returns on investment are volatile.