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            "79": {
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                "title": "Real options theory",
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                        "*": "{{Sponsor Thumbs}}\n\n\n== '''Real options theory''' ==\n----\n== Acronym ==\nN/A\n== Alternate name(s)==\nN/A\n== Main dependent construct(s)/factor(s)==\nOption value\n== Main independent construct(s)/factor(s) ==\nCash flow, adjusted risk factors (risk adjusting probabilities), uncertainty, volatility\n== Concise description of theory ==\nAn financial 'option' is a right, but not an obligation, to make an investment decision. A real option is the right, but not the obligation, to undertake some business decision, typically the option to make a capital investment. Real options capture the value of managerial flexibility to adapt decisions in response to unexpected market developments.\n\nCompanies create shareholder value by identifying, managing and exercising real options associated with their investment portfolio. The real options method applies financial options theory to quantify the value of management flexibility in a world of uncertainty. If used as a conceptual tool, it allows management to characterize and communicate the strategic value of an investment project. Traditional methods (e.g. net present value) fail to accurately capture the economic value of investments in an environment of widespread uncertainty and rapid change. The real options method represents the new state-of-the-art technique for the valuation and management of strategic investments. There are five types of real options: Waiting-to-Invest option, Growth option, Flexibility option, Exit option and Learning option. \n\nAdapted from: Ulrich Hommel (www.real-options.de)\n== Diagram/schematic of theory ==\nThe Black and Scholes Model:\n\n[[Image:Rot1.JPG]]\n\nAn example of how real options can show different valuations of an investment over time:\n\n[[Image:Rot2.JPG]]\n== Originating author(s) ==\nFischer Black and Myron Scholes conducted pioneering work on options pricing\n== Seminal articles ==\nAmram, M. and Kulatilaka, N. (1999). Real Options. Harvard Business School Press.\n\nBlack, Fischer and Myron Scholes, \"The Pricing of Options and Corporate Liabilities,\" Journal of Political Economy, 81:3, 1973, pp. 637-654.\n\nBookstaber, Richard M. Option Pricing and Strategies in Investing, 1981, Addison-Wesley Publishing Company.\n\nLuehrman, T., \u201cStrategy as a Portfolio of Real Options,\u201d Harvard Business Review, 76 (5), 1998, pp. 89-99.\n\nMyers, S.C. (1977) Determinants of Corporate Borrowing. Journal of Financial Economics, vol 5, 147-175.\n== Originating area ==\nEconomics\n== Level of analysis ==\nDecision\n== IS articles that use the theory ==\nAmram, M., N. Kulatilaka and C.J. Henderson, \u201cTaking an Option on IT,\u201d CIO Magazine, 12 (17), 1999, pp. 46-52.\n\nBenaroch, M. and R.J. Kauffman, \u201cA Case for Using Real Options Pricing Analysis to Evaluate Information Technology Project Investments,\u201d Information Systems Research, 10 (1), 1999, pp. 70-86.\n\nBenaroch, M. and R.J. Kauffman, \u201cJustifying Electronic Network Expansion Using Real Option Analysis,\u201d Management Information Systems Quarterly, 24 (2), 2000, pp. 197-225.\n\nJohn A. Campbell, Real options analysis of the timing of IS investment decisions, Information and Management, v.39 n.5, p.337-344, March 2002 \n\nDai, Q., R.J. Kauffman and S.T. March, \u201cAnalyzing Investments in Object-oriented Middleware: An Options Perspective,\u201d working paper, Carlson School of Management, University of Minnesota, 2000.\n\nDos Santos, B.L., \u201cJustifying Investment in New Information Technologies,\u201d Journal of Management Information Systems, 7 (4), 1991, pp. 71-89.\n\nGrenadier, S. & Weiss, A. (1997). Investment in technological innovations: An option pricing approach. Journal of Financial Economics, 44(3), 397-416. \n\nArnd Huchzermeier , Christoph H. Loch, Project Management Under Risk: Using the Real Options Approach to Evaluate Flexibility in R&D, Management Science, v.47 n.1, p.85-101, January 2001 \n\nKambil, A., C.J. Henderson and H. Mohsenzadeh, \u201cStrategic Management of Information Technology Investments,\u201d in Strategic Information Technology Management: Perspectives on Organizational Growth and Competitive Advantage, R.D. Banker, R.J. Kauffman and M.A. Mahmood (editors), Idea Group Publishing, 1993.\n\nKim, Y. & Sanders, G. (2002). Strategic actions in information technology investment based on real option theory. Decision Support Systems, 33(1), 1-11. \n\nKumar, R., \u201cA Note on Project Risk and Option Values of Investments in Information Technologies,\u201d Journal of Management Information Systems, 13 (1), 1996, pp. 187-193.\n\nLi, X. (2001). Optimal Timing for Brokerage to Go Wireless--A Real Options Approach. Unpublished PhD Dissertation, The University of Mississippi. \n\nLi, X. & Johnson, J. (2002). Evaluate IT investment opportunities using real options theory. Information Resource Management Journal, 15(3), 32-47. \n\nLucas, H.C., Information Technology and the Productivity Paradox: Assessing the Value of Investing in IT, Oxford University Press, 1999.\n\nMcGrath, R., \u201cA Real Options Logic for Initiating Technology Positioning Investments,\u201d Academy of Management Review, 22 (4), 1997, pp. 974-996.\n\nNalin Kulatilaka , Enrico C. Perotti, Strategic Growth Options, Management Science, v.44 n.8, p.1021-1031, August 1998 \n\nPanayi, S. and L. Trigeorgis, \u201cMulti-stage Real Options: The Cases of Information Technology Infrastructure and International Bank Expansion,\u201d The Quarterly Review of Economics and Finance, 38, 1998, pp. 675-692.\n\nRaghunathan, M. & Madey, G.R. (1999). A firm level framework for planning electronic commerce information system infrastructure. International Journal of Electronic Commerce, 4(1), 121-145. \n\nSchwartz, E.S. and C. Zozaya-Gorostiza, \u201cValuation of Information Technology Investments as Real Options,\u201d 6-00 Finance Working Paper, University of California, Los Angeles, 2000.\n\nTaudes, A., \u201cSoftware Growth Options,\u201d Journal of Management Information Systems, 15 (1), 1998, pp. 165-185.\n\nTaudes, A., M. Feurstein and A. Mild, \u201cOptions Analysis of Software Platform Decisions: A Case Study,\u201d Management Information Systems Quarterly, 24 (2), 2000, pp. 227-243.\n\nElizabeth Olmsted Teisberg, An option valuation analysis of investment choices by a regulated firm, Management Science, v.40 n.4, p.535-548, April 1994 \n\nZhu, K., \u201cEvaluating Information Technology Investment: Cash Flows or Growth Options,\u201d Paper presented to Workshop on Information Systems Economics, 1999. \n== Links from this theory to other theories ==\nOptions pricing theory, Arbitrage pricing theory\n== External links ==\nhttp://www.realoptions.org/, Annual conference on real options research \n\nhttp://www.puc-rio.br/marco.ind/ro-links.html, A series of links to real options sites\n\nhttp://en.wikipedia.org/wiki/Real_Options, Wikipedia entry on real options\n\nhttp://www.ctonet.org/documents/OptionsTheories_TechMgt.pdf, Article: Applying Options Theories to Technology Management Decisions by Roger Smith of CTOnet.org\n\nhttp://www.crito.uci.edu/publications/pdf/CAIS.pdf, ICIS 2001 Panel discussion on real options and IT investment\n\n== Original Contributor(s) ==\nMike Wade\n<br>\n<br>\nPlease feel free to make modifications to this site. In order to do so, you must register.\n<br>\n<br>\n[[Main Page | Return to Theories Used in IS Research]]"
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            "377": {
                "pageid": 377,
                "ns": 0,
                "title": "Representation Theory",
                "revisions": [
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                        "*": "== Acronym ==\nRT\n\n== Alternate name(s) ==\nThe Representation Model (RM) proposed by this theory is also sometimes referred to as the \u201ctheory of ontological clarity,\u201d \u201ctheory of ontological expressiveness,\u201d or the \u201cBunge-Wand-Weber model\u201d. <ref>Burton-Jones, A., Recker, J., Indulska, M., Green, P., & Weber, R. (2017). Assessing representation theory with a framework for pursuing success and failure. MIS Quarterly: Management Information Systems, 41(4), 1307-1333. doi:10.25300/MISQ/2017/41.4.13</ref>\n\n== Main dependent construct(s)/factor(s) ==\nThe ability of an information system/script to provide a faithful representation of the focal real-world phenomena\n\n== Main independent construct(s)/factor(s) ==\nDeep structure of an Information System\n\n== Concise description of theory ==\nRepresentation theory is one of the theories based on the idea that information systems produce representations of real-world phenomena. Wand and Weber (1988, 1990, 1993, 1995) developed a theory of information systems as representational artefacts in the late 1980s and early 1990s. They asserted that the fundamental purpose of information systems is to provide representations of individuals or groups\u2019 perceptions of real-world events phenomena and contended that if information systems give faithful (i.e., accurate and full) representations, users will deem them more valuable<ref>Weber, R. Ontological Foundations of Information Systems, Coopers & Lybrand, Melbourne, Victoria, Australia, 1997.</ref>. Thus, perceiving a need open the \u201cblack box\u201d of the information systems artifact, Wand and Weber sought to build \u201ca foundation for a theory of information systems structure and design\u201d<ref>Wand Y,Weber R (1988) An ontological analysis of some fundamental information systems concepts. DeGross JI, Olson MH, ed''. Proc. 9th Internat. Conf. Inform. Systems, Minneapolis,'' 213\u2013225.</ref>, culminating in the development of the representation theory, which aims to model the desirable properties of information systems at a deep level.\n\nRT is a Type-IV theory, according to Gregor (2006)<ref>Gregor, S. (2006). The nature of theory in information systems. ''MIS quarterly'', 611-642.</ref>, as it \u2018explains and predicts\u2019. It explains, for instance, why the existence or absence of particular qualities in information system grammars or scripts improves or hinders a script\u2019s capacity to provide and maintain a true representation. It also predicts whether the existence or absence of specific qualities in grammars or scripts would improve or degrade the representation\u2019s faithfulness. Burton-Jones et al. (2017)<ref>Burton-Jones, A., Recker, J., Indulska, M., Green, P., & Weber, R. (2017). Assessing representation theory with a framework for pursuing success and failure. ''MIS Quarterly'', ''41''(4), 1307-1333.</ref> also perceive RT as a Type-V theory - one that guides design and action since it advises designers what features a script must have in order for an information system to provide a useful representation.\n\nTo understand how user perceptions of meaning could be embodied in an information system, Wand and Weber characterised an information system as comprising of three structures.<ref>Burton-Jones, A., Recker, J., Indulska, M., Green, P., & Weber, R. (2017). Assessing representation theory with a framework for pursuing success and failure. ''MIS Quarterly'', ''41''(4), 1307-1333.</ref>\n\n* '''Deep structure''' - consists of those information system characteristics that reflect stakeholder perceptions of the meaning of the focal real-world events (for example, data objects and business rules incorporated in programme code). \n* '''Surface structure''' comprises those characteristics of the information system that allow users to interact with the deep structure (such as the query interface and report generator). \n* '''Physical structure''' consists of those aspects of the information system that implement the other two structures (for example, servers, personal computers, and networks).\n\nThe deep structure of an information system is the primary emphasis of RT. The other two structures are thought to be means for users to interact with the deep structure. The primary concern of RT is hence the extent to which an information system\u2019s deep structure delivers and sustains a faithful representation of the focal real-world occurrences. If the information system is to stay useful while the phenomena change (i.e., events occur), it must maintain an up-to-date, faithful representation.\n\nIn order to understand how the deep structure of an information system may provide and maintain a faithful representation of the focused real-world phenomena and convey meaning about them, Wand and Weber proposed three models, which each focus on distinct but related aspects of the information system\u2019s deep structure. These are the representation model (RM), state-tracking model (STM) and the good decomposition model (GDM). \n\n== Diagram/schematic of theory ==\n\n[[File:Representation Theory.png|alt=Essence of Representation Theory|none|thumb|600x600px|Impact of Representational Faithfulness on the Usefulness of an Information System]]<blockquote><small>'''Source''': Recker, Jan & Indulska, Marta & Green, Peter & Burton-Jones, Andrew & Weber, Ron. (2019). Information Systems as Representations: A Review of the Theory and Evidence. ''Journal of the Association for Information Systems''. 20. 735-786. 10.17705/1jais.00550.</small></blockquote>[[File:Three Structures of an IS as per Representation Theory.png|none|thumb|600x600px|Three Structures of an Information Systems as per Representation Theory ]]<blockquote><small>'''Source''': Recker, Jan & Indulska, Marta & Green, Peter & Burton-Jones, Andrew & Weber, Ron. (2019). Information Systems as Representations: A Review of the Theory and Evidence. ''Journal of the Association for Information Systems''. 20. 735-786. 10.17705/1jais.00550.</small></blockquote>[[File:Representation, State Tracking and Good-Decomposition Models.png|none|thumb|869x869px|Representation, State Tracking and Good-Decomposition Models as per Representation Theory]]<blockquote><small>'''Source''': Burton-Jones, A., Recker, J., Indulska, M., Green, P., & Weber, R. (2017). Assessing representation theory with a framework for pursuing success and failure. ''MIS Quarterly: Management Information System''s, 41(4), 1307-1333. doi:10.25300/MISQ/2017/41.4.13</small></blockquote>\n\n== Originating author(s) ==\nY. Wand and R. Weber\n\n== Seminal articles ==\nWand, Y., and Weber, R. 1990. \u201cAn Ontological Model of an Information System,\u201d ''IEEE Transactions on Software Engineering'' (16:11), pp. 1282-1292.\n\nWand, Y., and Weber, R. 1993. \u201cOn the Ontological Expressiveness of Information Systems Analysis and Design Grammars,\u201d ''Journal of Information Systems'' (3:4), pp. 217-237.\n\nWand, Y., and Weber, R. 1995. \u201cOn the Deep Structure of Information Systems,\u201d ''Information Systems Journal'' (5:3), pp. 203-223.\n\nWand Y,Weber R (1988) An ontological analysis of some fundamental information systems concepts. DeGross JI, Olson MH, ed''. Proc. 9th Internat. Conf. Inform. Systems, Minneapolis,'' 213\u2013225.\n\nWeber, R. ''Ontological Foundations of Information Systems'', Coopers & Lybrand, Melbourne, Victoria, Australia, 1997.\n\n== Originating area ==\nInformation Systems\n\n== Level of analysis ==\nSystem\n\n== Links from this theory to other theories ==\nN/A\n\n== IS articles that use the theory ==\nBurton-Jones, A., & Grange, C. (2013). From use to effective use: A representation theory perspective. ''Information Systems Research'', 24(3), 632-658. doi:10.1287/isre.1120.0444\n\nBurton-Jones, A., Recker, J., Indulska, M., Green, P., & Weber, R. (2017). Assessing representation theory with a framework for pursuing success and failure. ''MIS Quarterly: Management Information System''s, 41(4), 1307-1333. doi:10.25300/MISQ/2017/41.4.13\n\nJoia, L. A., & Correia, J. C. P. (2018). CIO competencies from the IT professional perspective: Insights from brazil. ''Journal of Global Information Management'', 26(2), 74-103. doi:10.4018/JGIM.2018040104\n\nParadis, F. (1995). Using linguistic and discourse structures to derive topics. ''Paper presented at the International Conference on Information and Knowledge Management, Proceedings'', 44-49. doi:10.1145/221270.221322 \n\nPozzebon, M., Cunha, M. A., & Coelho, T. R. (2016). Making sense to decreasing citizen eParticipation through a social representation lens. ''Information and Organization'', 26(3), 84-99. doi:10.1016/j.infoandorg.2016.07.002\n\nRecker, Jan & Indulska, Marta & Green, Peter & Burton-Jones, Andrew & Weber, Ron. (2019). Information Systems as Representations: A Review of the Theory and Evidence. ''Journal of the Association for Information Systems''. 20. 735-786. 10.17705/1jais.00550.\n\nWeber, R. (2020). Taking the ontological and materialist turns: Agential realism, representation theory, and accounting information systems. ''International Journal of Accounting Information Systems'', 39 doi:10.1016/j.accinf.2020.100485\n\nWeerasinghe, K., Pauleen, D., Scahill, S., & Taskin, N. (2018). Development of a theoretical framework to investigate alignment of big data in healthcare through a social representation lens. ''Australasian Journal of Information Systems'', 22 doi:10.3127/ajis.v22i0.1617\n\n== Contributor(s) ==\nRishika Jain, Doctoral Student at Indian Institute of Management, Kozhikode, India\n\n== Date last updated ==\n3 September, 2020\n\nPlease feel free to make modifications to this site. In order to do so, you must register.\n\n== References =="
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