Question at position 15 ________ theory suggests that under conditions of high uncertainty, firms may be unwilling to commit to a particular course of action by engaging in an exchange with a firm and will choose, instead, the strategic flexibility associated with alliances.CapabilitiesResource-basedReal optionsTransaction cost economics单项选择题
A
Capabilities
B
Resource-based
C
Real options
D
Transaction cost economics

Question

Question at position 15 ________ theory suggests that under conditions of high uncertainty, firms may be unwilling to commit to a particular course of action by engaging in an exchange with a firm and will choose, instead, the strategic flexibility associated with alliances.CapabilitiesResource-basedReal optionsTransaction cost economics单项选择题

A

Capabilities

B

Resource-based

C

Real options

D

Transaction cost economics

BlackTom AI · Accepted Answer

Real options theory treats investments as options: under uncertainty, firms value the ability to wait, expand, contract, or abandon projects rather than committing immediately.

1) Relevant knowledge points and concepts
- Real options theory: applies financial options logic to real investments. It emphasizes managerial flexibility to delay, stage, scale, or exit investments in response to new information, making strategic alliances attractive because they preserve optionality.
- Transaction cost economics (TCE): explains governance choice (market, hierarchy, hybrid) by comparing transaction costs and asset specificity; it often predicts vertical integration to reduce costs under certain risks—not preserving flexibility for future choices.
- Resource-based view (RBV): focuses on firm-specific resources and capabilities as sources of sustainable competitive advantage, explaining choices that exploit unique assets rather than primarily preserving investment optionality.
- Capabilities (or dynamic capabilities): emphasize a firm’s ability to integrate, build, and reconfigure resources to respond to change, but the emphasis is on internal adaptation rather than the option-like logic of alliances under uncertainty.

2) Step-by-step reasoning
- The question states: "under conditions of high uncertainty, firms may be unwilling to commit to a particular course of action by engaging in an exchange with a firm and will choose, instead, the strategic flexibility associated with alliances."
- Real options directly addresses high uncertainty by framing alliances as a way to acquire short-term access and the right (but not obligation) to expand engagement later. Alliances preserve managerial flexibility and reduce irreversible commitments.
- Neither RBV nor capabilities primarily frame alliances as option-like instruments to delay commitment; they emphasize internal strengths or adaptive routines. TCE would more likely suggest governance forms chosen to minimize costs and safeguard transactions, potentially favoring tighter control, not optionality.

3) Calculations
- No numerical calculation is required for concept selection.

4) Why the correct answer is correct
- Real options explicitly links uncertainty with the value of preserving choices; alliances are a classic real option because they allow firms to learn and decide later.

5) Why other options are incorrect
- Capabilities: focuses on internal skills, not optionality through alliances.
- Resource-based: centers on leveraging unique resources for advantage, not on deferring commitment under uncertainty.
- Transaction cost economics: focuses on minimizing transaction costs and protecting specific investments; it typically explains integration or safeguards, not choosing alliances primarily to keep options open.

Conclusion: The correct answer is Real options, which matches the provided answer.

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