The General Flexibility to Switch: Real Options Revisited

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On the growth of foreign affiliates: multinational plant networks, joint ventures, and flexibility (2007, unknown): “This is the flexibility of adjusting capacity loadings of plants in different countries in response to environmental changes such as exchange rate movements or differences in factor costs (Rangan, 1998; Lessard, 1986; Ghosal, 1987; Miller and Reuer, 1998; Kogut and Kulatilaka, 1994a; Kulatilaka and ”
An empirical examination of transaction- and firm-level influences on the vertical boundaries of the firm (2003, background): “For instance, one way to create a real option to manage uncertain demand for products or technologies is to invest in flexible technology (Kulatilaka and Trigeorgis, 1994).”
The Choice of Organizational Governance Form and Performance: Predictions from Transaction Cost, Resource-based, and Real Options Theories (2003, background): “For instance,Kulatilaka and Trigeorgis (1994)describe how firms in industries with volatile product demand can benefit by investing in plant and equipment that allows them to alter their manufactured product-mix.”