3. Which of the following contributes positively to the value of a real option to delay investment? First-mover competitive advantages Delaying project revenues, due to TVM It lowers idiosyncratic...

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Extracted text: 3. Which of the following contributes positively to the value of a real option to delay investment? First-mover competitive advantages Delaying project revenues, due to TVM It lowers idiosyncratic risk, and thus the firm's cost of capital The likely resolution of some uncertainty