Urban Land Prices Under Uncertainty
Опубликовано на портале: 15-11-2004
American Economic Review.
1985.
Vol. 75.
No. 3.
P. 505-514.
Тематический раздел:
The paper is organized as follows: Section I examines the type of building,
characterized by its size, that will be built at a given date if the land is to be
developed at that time. Section II presents a simple two-date, two states
of nature, model for determining the value of the vacant land for the case where
the future price of building units, and hence the size of the building that is to
be constructed, is uncertain. A simple numerical example that illustrates this valuation
technique is presented in Section III . Section IV presents a comparative
static analysis of this valuation model which includes, among other things, an analysis
of the effect of uncertainty on vacant land value. Section V examines a
model where the current price and rental rate on building units as well as land values
are endogenous and Section VI provides a numerical example which illustrates
how the valuation technique can be applied to value land with many possible building
dates and many possible states of nature corresponding to each date.
Материалы статьи используются в книге Capital Budgeting Decision, The: Economic Analysis of Investment Projects (Bierman H. Jr., Smidt S.)
Ключевые слова
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