guidance by specific rules and enlarging the scope by general rules. Using real options theory we show that the degree of … innovating environments, delaying the enactment allows law makers to obtain more information. Therefore, the lower the degree of … precision should be considered as a degree of flexibility which increases the value of the text. Thus, we derive a normative …

real options theory we show that the degree of precision should be considered as a degree of flexibility which increases … obtain more information. Therefore, the lower the degree of precision of the law, the shorter the delay. JEL Classification …

guidance by specific rules and enlarging the scope by general rules. Using real options theory we show that the degree of … innovating environments, delaying the enactment allows lawmakers to obtain more information. Therefore, the lower the degree of … precision should be considered as a degree of flexibility which increases the value of the text. Thus, we derive a normative …

investment. We then analyze the trade-off between waiting and reducing the degree of precision and we show that the degree of …, lawmakers may also choose to wait before investing in law. Using the real options framework, we show that the degree of … precision should be considered as a degree of flexibility of legal rules and we describe how it affects the value of the …