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The analysis of flexibility is based upon sequential models with growing information. The initial decision of a sequential model has consequences larger than those envisaged in the traditional “theory of decision”. To enrich it we study consequences of a decision and introduce the distinction between exogenous and endogenous environment, before analyzing the dynamic flexibility in both cases. In complex contexts, we will prove that we cannot give an option value to the flexibility and that the concept becomes itself ambiguous. It confirms the necessity to arbitrage between the different characteristics of the decision. These analysis complements will be illustrated on an example: the choice of an investment with a country risk. Classification JEL: D81, D 83, D 21