关于real option的几个讨论问题 请教指点哈（英文）

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有三个问题讨论  无标准答案 求大家发言哈 征求观点哈 相互学习 谢谢了

讨论1 ：Considering that Myers says that a risk premium should be applied only to the cash flow of thestart up period for the project that are unusually risky at inception, but onlyof normal-risk once the start up is successful passed.

When canwe consider ended the start up period in order to avoid that the wrongunrealistic high discount rate (even after a proper adjustment forinflation) would be applied by the firms toall the future cash flow?

讨论2

What isthe boundary till which option pricing can be applied in strategic planning?Argument :The disadvantages in option pricingaccording to (Adner & Levinthal,2004) are that “the real options frame work usefullyhighlights the links between current actions and the set of futurepossibilities. However, to the extent that exit criteria are not well posed ina world of action and open-ended search, this framing can be overly seductive.” Intheir opinion option pricing framework works up to the point where the actionsincluded in the option can be strictly defined, thus the option pricingframework doesn’t work in situations where the exit criteria is notself-evident.

讨论3 The concept of value additivity for financial options held as an element in a portfolio is valid (Brosch,2008). Is this also the case for real options? Consider the interaction of realoptions across industries or within a firm. In addition, if it does not hold,assuming management can account for it, should management account for it byadjusting the financial analysis or consider it in their strategic analysis, orin both?  

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关键词：Option Real TIO OPT disadvantage 英文 only successful discount option

考虑到迈尔斯说风险溢价应将只适用于现金流的期限的项目，是在开始时非常危险，但只的正常风险一旦启动成功传递了该类。为了避免错不切实际折扣率高 （即使通胀适当调整） 后将由公司全部覆盖应用结束时，要考虑起始阶段未来现金流量？