How are the investment attributes that make it possible to characterize subjectively the value of a real option related to the attractiveness of an industry? For example, when the threat of entry into...

How are the investment attributes that make it possible to characterize subjectively the value of a real option related to the attractiveness of an industry? For example, when the threat of entry into an industry is high, are real options likely to be more or less valuable? When the level of rivalry in an industry is high, are real options likely to be more or less valuable?