Question: How important is it that an organization has an exclusive right to exercise a real option? That is, can we really say that an option

How important is it that an organization has an exclusive right to exercise a real option? That is, can we really say that an option being considered has value if competitors may exercise it also?
IBM clearly does not believe in the importance of exclusivity, since it has embraced the "open source" movement. Pharmaceutical companies, in contrast, exhibit their belief in the importance of exclusivity if only because of their aggressive patent protection efforts.

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