Abstract Real Options (RO) has been indicated to valuate projects with high uncertainty. However, literature points to challenges and asks for an organizational understanding of its use. So: Why do managers search for the RO approach to valuate radical innovation projects? Based on five in-depth case studies, we discuss hidden organizational and managerial issues related to the search for RO to valuate radical innovation. We argue that managers search for RO to cope with the “paradox of organizational fit”, and later, to deal with the “newness prison”, employing RO Structuring and RO Integration to allow exposure to radical innovation.

中文翻译：

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具有高度不确定性的创新项目估值：寻找实物期权背后的原因

摘要 实物期权（RO）已被用于评估具有高不确定性的项目。然而，文献指出了挑战并要求对其使用有组织的理解。那么：为什么管理者会寻找 RO 方法来评估激进的创新项目？基于五个深入的案例研究，我们讨论了与寻找 RO 以评估激进创新相关的隐藏的组织和管理问题。我们认为，管理者寻找 RO 是为了应对“组织适合性悖论”，然后是为了应对“新奇监狱”，采用 RO 结构化和 RO 整合来接触激进的创新。