A Note on Project Risk and Option Values of Investments in Information Technologies
研究了信息技术投资中项目风险与期权价值的关系，发现其与金融期权定价的已知结果显著不同，并推导了判断风险项目是否可取的条件。
:Justification of investments in information technologies is an important research topic in the information systems area. Several approaches have been proposed. One of these highlights the deficiencies of traditional economic justification based on net present value, and proposes the use of techniques based on financial option pricing theory. This paper examines the relationship between project risk and option values of investments in new information technologies and illustrates how this relationship is significantly different from well-known results in the case of financial option pricing. Conditions for determining the desirability of risky projects are derived.