Investment arbitrage depends on the decision-making criteria but also on the competitive dynamics. In the still evolving literature, the sequencing of innovation has found explanations in the context of real option theory, then in traditional game theory. However, the impact of the dynamic NPV concept and the influence of evolutionary games are sometimes neglected. This paper proposes to study the relationships between these different approaches by using both real option theory and evolutionary game theory. JEL codes: D21, L22, O31