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.

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