In this paper we analyze exemplarily the volatility of the internal rates of return of the German pension system over the life-cycle of an individual born in 1957. The outcome is compared to an alternative defined-contribution or defined-benefit policy. Based on the actual data, our resultsshow...

Chapter 1: Introduction -- Chapter 2: The Business Landscape: Unpacking the idea of ‘domain specificity’ -- Chapter 3: The Conventional Wisdom in Strategy -- Chapter 4: Strategic Optionality: Introducing the Idea -- Chapter 5: Optionality and Innovation: Two sides of the Same Coin? --...