Question at position 1 ________ 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.Transaction cost economicsCapabilitiesResource-basedReal options单项选择题
A
Transaction cost economics
B
Capabilities
C
Resource-based
D
Real options

Question

Question at position 1 ________ 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.Transaction cost economicsCapabilitiesResource-basedReal options单项选择题

A

Transaction cost economics

B

Capabilities

C

Resource-based

D

Real options

BlackTom AI · Accepted Answer

Real options theory suggests that under high uncertainty firms prefer to preserve flexibility by making small, reversible commitments (options) rather than full-scale irreversible investments, which explains a preference for alliances.

1. Relevant knowledge points and concepts
- Real options theory: Treats investment opportunities like financial options; firms pay for the right but not the obligation to expand, defer, or abandon projects, preserving strategic flexibility under uncertainty.
- Strategic flexibility: Ability to respond to new information, change scale, or exit without incurring prohibitive sunk costs.
- Transaction cost economics: Focuses on governance structures to minimize costs of market exchanges (e.g., vertical integration vs. market).
- Capabilities and resource-based views: Emphasize internal competencies and unique resources as drivers of competitive advantage and firm-level strategy.

2. Step-by-step reasoning
Step 1: High uncertainty makes large irreversible commitments risky because future payoffs are unknown.
Step 2: Real options perspective recommends staging commitments (e.g., joint ventures, alliances) to acquire information and retain the option to expand or exit.
Step 3: Alliances are attractive because they require lower upfront investment and keep the firm’s future choices open, matching the “option” logic.
Step 4: Therefore, under high uncertainty firms choose alliances to secure strategic flexibility consistent with real options thinking.

3. Intermediate steps (logical)
- Irreversible investment → high downside if wrong.
- Small reversible commitments (alliances) → lower sunk costs + option to scale → lower downside and preserved upside.

4. Why the correct answer is correct
Real options explicitly links uncertainty to the value of flexibility and partial commitments; alliances function as real options by allowing firms to learn and then exercise expansion or exit decisions.

5. Why other options are incorrect
- Transaction cost economics emphasizes governance to reduce transaction costs, not the value of staged flexibility under uncertainty.
- Capabilities view explains internal strengths, not the choice to avoid commitment under uncertainty.
- Resource-based view focuses on leveraging unique resources for advantage, not on option-like staged investment under uncertainty.

6. Conclusion
Thus the correct answer is Real options, which matches the provided answer.

类似问题

Which of the following statements is FALSE?[Fill in the blank]

Which of the following statements is FALSE?[Fill in the blank]

Which of the following statements most accurately describes real options available to corporate managers?[Fill in the blank]

The Real Estate Investment Trust that acquired a significant parcel of land in Phoenix, AZ is concerned with the increased cost of materials and shortage of labor and decides not to proceed with the residential condominium project in the next 18 months. This is an example of which real option?

A tech company maintains small R&D investments in three emerging technologies despite uncertain commercial viability. From a real options perspective, the primary strategic value is:

When analyzing a real option, the positive cash flows from the project can be treated as:

A company in the extraction (of raw materials from the earth) industry, whose major assets are cash, equipment and a closed facility may appear to have extraordinary value. This value can be primarily attributed to:

更多留学生实用工具

智能学习助手

风格化写作助手

论文查重助手

文献引用助手

课堂转译助手

课堂笔记助手

Quiz搜索助手

学校历年真题

智能刷题助手

智能匹配练习

希望你的学习变得更简单