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A Real Options Logic for Initiating Technology Positioning Investments

Rita Gunther McGrath
The Academy of Management Review
Vol. 22, No. 4 (Oct., 1997), pp. 974-996
Published by: Academy of Management
Stable URL: http://www.jstor.org/stable/259251
Page Count: 23
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Since scans are not currently available to screen readers, please contact JSTOR User Support for access. We'll provide a PDF copy for your screen reader.
A Real Options Logic for Initiating Technology Positioning Investments
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Abstract

In this article I extend real options theory to technology positioning projects and specify how the relationship between boundary conditions and uncertainty influences the value of a technology option, as well as the appropriate timing of its exercise. I also take a strategic perspective on uncertainty itself, concluding that option value can be amplified by investments to shift boundaries, ideally in ways that are idiosyncratic to the firm.

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