To be relevant to a firm a real option needs to fit into a theory of the firm explaining its existence, exercise conditions and value. We make a step toward an option based-theory of the firm by describing the emergence of a firm’s options and the strategic building of new competences for...

The importance of the notion of sustainable development has been advocated, among others, by Amartya Sen. In Sen’s view it is necessary to depart from the general strategy of defining sustainable development only in terms of fulfilment of needs and to use the broader perspective of enhancing...