Urban land prices under uncertainty
Sheridan Titman, University of California, Los Angeles. Housing, Real Estate, and Urban Land Studies Program
University of California, Los Angeles, Graduate School of Management, 1984 - Real property - 40 pages
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analysis Angeles assumption building activities building units Comparative Statics constructing a building convex function current date current price current value decrease in building derivative securities determine developing the land effect of uncertainty equilibrium ESTATE AND URBAN exceeds the profit frictionless markets future prices future real estate height restrictions Hence increased uncertainty investors land at date Land Studies Program land under uncertainty land vacant land will remain lots are developed n(po number of building numerical example OFCAUFOR optimal option present date price and rental price of building pricing model profit from developing provides a valuation real estate prices remain vacant rental rate risk-free asset risk-free rate riskless arbitrage School of Management Section short-selling type of building uncertainty about future uncertainty on land unit construction University of California URBAN LAND STUDIES vacant land increases vacant land value valuation model valuation technique value of vacant West Los Angeles