<ul>
<li>The <a href="/en/option%20pricing%20theory">option pricing theory</a> developed for finance is applied to the real world.
</li>
<li>Even in the real world, <a href="/en/decision-making">decision-making</a> takes place in <a href="/en/uncertain">uncertain</a> situations.
</li>
<li>This can be likened to trading in a situation where price fluctuations are uncertain
<ul>
<li><a href="/en/net%20present%20value">net present value</a> (<a href="/en/Net%20Present%20Value">Net Present Value</a>, <a href="/en/NPV">NPV</a>) assumes that current intentions will continue into the future</li>
</ul>
</li>
<li>In reality, if new <a href="/en/knowledge">knowledge</a> becomes available to move the project forward, we will change course.
 - At <a href="/en/Lean%20Startup">Lean Startup</a>, we called it <a href="/en/pivot">pivot</a> and strongly encouraged it.
</li>
<li>Start small and stop as soon as you think it&#39;s not working.&quot;
<ul>
<li>Equivalent to withdrawal option</li>
</ul>
</li>
<li>[《Real Options》 - ORWiki <a href="http://www.orsj.or.jp/~wiki/wiki/index.php/%E3%80%8A%E3%83%AA%E3%82%A2%E3%83%AB%E3%82%AA%E3%83%97%E3%82%B7%E3%83">http://www.orsj.or.jp/~wiki/wiki/index.php/%E3%80%8A%E3%83%AA%E3%82%A2%E3%83%AB%E3%82%AA%E3%83%97%E3%82%B7%E3%83</a> %A7%E3%83%B3%E3%80%8B]
</li>
<li>TODO Find good references.
</li>
</ul>
#Limiting losses
<hr>
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real option