Boot, Arnoud W. A.; Thakor, Anjan V. - 2002
We develop an economic theory of “flexibility”, which we interpret as the discretion orability to make a decision that … value of the flexibilityoption is decreasing in the extent to which the decisionmaker’s future decision-relevantopinion is … correlated with the opinions of others who may be able to impede the decision.We argue that flexibility drives economic decisions …
