Português - "[...] Options are bought and sold by third parties--there can be a market in options without the participation of the owner of the underlying asset--whereas a
warrant is sold only by the owner of the underlying asset.
Pricing on warrants, therefore, differs from pricing on options. [...] a significant portion of the value of software is the embedded "derivatives"--options or warrants--on future maintenance and enhancement. Whether one believes that software has intrinsic value is related mostly to one's view on the correct value to use for volatility in calculating the option value. Larger values of volatility mean the software itself is worth less. Smaller values of volatility reduce the option price, and the software is intrinsically worth more.
Therefore, the major difference in worldview between open source advocates and proprietary software license advocates is explainable as a differing opinion on the correct value of the volatility of maintenance and upgrade pricing. People who believe that the pricing on maintenance is stable and unlikely to change see greater intrinsic value in the software. People who fear that the pricing is subject to large fluctuations see no intrinsic value in the up-front license; stripped of the options, the license value approaches $0.
For the open source movement, perhaps a better way to position the change that OSS is making is this: we're converting warrants on future maintenance and enhancements into options, which means that instead of having a sole supplier (warrants), we have created a third-party market (options) of these derivatives. [...]" (Lefkowitz, 2005).
Keywords:
price volatility of underlying asset, volatility of maintenance prices, volatility of software prices,
enterprise software licensing,
underwriters,
guarantees,
derivatives,
pricing
Português:
preço do código
Lefkowitz, Robert. Calculating the True Price of Software, 07/21/2005. Available from <
https://web.archive.org/web/20111103010736/http://onlamp.com/pub/a/onlamp/2005/07/21/software_pricing.html >. access on 20 May
2021.
--
GregorioIvanoff - 20 May 2021
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