I have a voucher that entitles the holder to one of the following tomorrow:
A car worth $50,000
A holiday worth $5,000
A cup of coffee worth $5
The holder can choose any one of those three.
I think that the example does not relevan because the choice of incomparable options. In the same way it looks more simpler to ask what is better apples or bears. If one think that the choice of exercise time leads to incomparable issues why does one talk about optimality or even suggests to hold it up to maturity moment?