Development Value: A Real Options Approach Using Empirical Data

被引：25

作者：

Grovenstein, Robert A. ^{[2
]}

Kau, James B. ^{[1
]}

Munneke, Henry J. ^{[1
]}

机构：

[1] Univ Georgia, Terry Coll Business, Athens, GA 30602 USA

[2] Fairfield Residential LLC, Grand Prairie, TX 75050 USA

来源：

JOURNAL OF REAL ESTATE FINANCE AND ECONOMICS | 2011年 / 43卷 / 03期

关键词：

Real options; Land value; Development; LAND-DEVELOPMENT; PRICES;

D O I：

10.1007/s11146-010-9277-9

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper combines an empirical methodology and a theoretical options approach to determine the real option values of development and delay for vacant parcels of land in the City of Chicago. A theoretical options model provides an option price that incorporates future uncertainty. The data allow for disaggregation down to specific land use categories and results show option values vary across zoning categories and within zoning categories for specific land uses.

引用

页码：321 / 335

页数：15

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