Advanced Search
MyIDEAS: Login to save this article or follow this journal

House price uncertainty, timing of development, and vacant land prices: Evidence for real options in Seattle

Contents:

Author Info

  • Cunningham, Christopher R.

Abstract

No abstract is available for this item.

Download Info

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
File URL: http://www.sciencedirect.com/science/article/B6WMG-4HP6G2J-1/2/466bb0fb518d1a1e43d25e7d29f08d65
Download Restriction: Full text for ScienceDirect subscribers only

As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.

Bibliographic Info

Article provided by Elsevier in its journal Journal of Urban Economics.

Volume (Year): 59 (2006)
Issue (Month): 1 (January)
Pages: 1-31

as in new window
Handle: RePEc:eee:juecon:v:59:y:2006:i:1:p:1-31

Contact details of provider:
Web page: http://www.elsevier.com/locate/inca/622905

Related research

Keywords:

References

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
as in new window
  1. Brueckner, Jan K & Fansler, David A, 1983. "The Economics of Urban Sprawl: Theory and Evidence on the Spatial Sizes of Cities," The Review of Economics and Statistics, MIT Press, MIT Press, vol. 65(3), pages 479-82, August.
  2. Pindyck, Robert S., 1986. "Irreversible investment, capacity choice, and the value of the firm," Working papers, Massachusetts Institute of Technology (MIT), Sloan School of Management 1802-86., Massachusetts Institute of Technology (MIT), Sloan School of Management.
  3. Alberto Moel, 2002. "When Are Real Options Exercised? An Empirical Study of Mine Closings," Review of Financial Studies, Society for Financial Studies, Society for Financial Studies, vol. 15(1), pages 35-64, March.
  4. Capozza, Dennis R. & Li, Yuming, 2002. "Optimal Land Development Decisions," Journal of Urban Economics, Elsevier, Elsevier, vol. 51(1), pages 123-142, January.
  5. Capozza, Dennis R. & Helsley, Robert W., 1990. "The stochastic city," Journal of Urban Economics, Elsevier, Elsevier, vol. 28(2), pages 187-203, September.
  6. Caballero, Ricardo J & Pindyck, Robert S, 1996. "Uncertainty, Investment, and Industry Evolution," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 37(3), pages 641-62, August.
  7. Cauley, Stephen Day & Pavlov, Andrey D, 2002. "Rational Delays: The Case of Real Estate," The Journal of Real Estate Finance and Economics, Springer, Springer, vol. 24(1-2), pages 143-65, Jan.-Marc.
  8. Capozza, Dennis & Li, Yuming, 1994. "The Intensity and Timing of Investment: The Case of Land," American Economic Review, American Economic Association, American Economic Association, vol. 84(4), pages 889-904, September.
  9. Åke Gunnelin, 2001. "The option to change the use of a property when future property values and construction costs are uncertain," Managerial and Decision Economics, John Wiley & Sons, Ltd., John Wiley & Sons, Ltd., vol. 22(7), pages 345-354.
  10. Capozza Dennis R. & Sick Gordon A., 1994. "The Risk Structure of Land Markets," Journal of Urban Economics, Elsevier, Elsevier, vol. 35(3), pages 297-319, May.
  11. Yongheng Deng & John M. Quigley & Robert Van Order, 2000. "Mortgage Terminations, Heterogeneity and the Exercise of Mortgage Options," Econometrica, Econometric Society, Econometric Society, vol. 68(2), pages 275-308, March.
  12. Jonathan P. O'Brien & Timothy B. Folta & Douglas R. Johnson, 2003. "A real options perspective on entrepreneurial entry in the face of uncertainty," Managerial and Decision Economics, John Wiley & Sons, Ltd., John Wiley & Sons, Ltd., vol. 24(8), pages 515-533.
  13. Case, Karl E & Shiller, Robert J, 1989. "The Efficiency of the Market for Single-Family Homes," American Economic Review, American Economic Association, American Economic Association, vol. 79(1), pages 125-37, March.
  14. McDonald, Robert & Siegel, Daniel, 1986. "The Value of Waiting to Invest," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 101(4), pages 707-27, November.
  15. Shackleton, Mark B. & Tsekrekos, Andrianos E. & Wojakowski, Rafal, 2004. "Strategic entry and market leadership in a two-player real options game," Journal of Banking & Finance, Elsevier, Elsevier, vol. 28(1), pages 179-201, January.
  16. Dennis R. Capozza & Yuming Li, 2001. "Residential Investment and Interest Rates: An Empirical Test of Land Development as a Real Option," Real Estate Economics, American Real Estate and Urban Economics Association, American Real Estate and Urban Economics Association, vol. 29(3), pages 503-519.
  17. Bruce D. Meyer, 1988. "Unemployment Insurance And Unemployment Spells," NBER Working Papers 2546, National Bureau of Economic Research, Inc.
  18. C. Tsuriel Somerville, 2001. "Permits, Starts, and Completions: Structural Relationships Versus Real Options," Real Estate Economics, American Real Estate and Urban Economics Association, American Real Estate and Urban Economics Association, vol. 29(1), pages 161-190.
  19. Capozza, Dennis R. & Helsley, Robert W., 1989. "The fundamentals of land prices and urban growth," Journal of Urban Economics, Elsevier, Elsevier, vol. 26(3), pages 295-306, November.
  20. Paddock, James L & Siegel, Daniel R & Smith, James L, 1988. "Option Valuation of Claims on Real Assets: The Case of Offshore Petroleum Leases," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 103(3), pages 479-508, August.
  21. McDonald, Robert L & Siegel, Daniel R, 1985. "Investment and the Valuation of Firms When There Is an Option to Shut Down," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 26(2), pages 331-49, June.
  22. A. Steven Holland & Steven H. Ott & Timothy J. Riddiough, 2000. "The Role of Uncertainty in Investment: An Examination of Competing Investment Models Using Commercial Real Estate Data," Real Estate Economics, American Real Estate and Urban Economics Association, American Real Estate and Urban Economics Association, vol. 28(1), pages 33-64.
  23. Titman, Sheridan, 1985. "Urban Land Prices under Uncertainty," American Economic Review, American Economic Association, American Economic Association, vol. 75(3), pages 505-14, June.
Full references (including those not matched with items on IDEAS)

Citations

Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
as in new window

Cited by:
  1. Belal Fallah & Mark Partridge & M. Olfert, 2012. "Uncertain economic growth and sprawl: evidence from a stochastic growth approach," The Annals of Regional Science, Springer, Springer, vol. 49(3), pages 589-617, December.
  2. Jean CavailhËs & Isabelle Thomas, 2011. "The influence of urban sprawl on farmland prices in Belgium (refereed paper)," ERSA conference papers, European Regional Science Association ersa10p1628, European Regional Science Association.
  3. Bulan, Laarni & Mayer, Christopher & Somerville, C. Tsuriel, 2009. "Irreversible investment, real options, and competition: Evidence from real estate development," Journal of Urban Economics, Elsevier, Elsevier, vol. 65(3), pages 237-251, May.
  4. Pennings, Enrico, 2008. "Privatization of real options," Journal of Comparative Economics, Elsevier, vol. 36(3), pages 489-497, September.
  5. Luis H.R. Alvarez & Jukka Lempa & Elias Oikarinen, 2009. "Do Standard Real Option Models Overestimate the Required Rate of Return of Real Estate Investment Opportunities?," Discussion Papers, Aboa Centre for Economics 52, Aboa Centre for Economics.
  6. Cutter, W. Bowman & Franco, Sofia F., 2012. "Do parking requirements significantly increase the area dedicated to parking? A test of the effect of parking requirements values in Los Angeles County," Transportation Research Part A: Policy and Practice, Elsevier, Elsevier, vol. 46(6), pages 901-925.
  7. Andrianos Tsekrekos & George Kanoutos, 2013. "Real Options Premia Implied from Recent Transactions in the Greek Real Estate Market," The Journal of Real Estate Finance and Economics, Springer, Springer, vol. 47(1), pages 152-168, July.
  8. Carlos Pestana Barros & Zhongfei Chen & Luis A. Gil-Alana, 2012. "Housing sales in urban Beijing," Applied Economics, Taylor & Francis Journals, Taylor & Francis Journals, vol. 44(34), pages 4495-4504, December.
  9. Felipe Morandé & Alexandra Petermann & Miguel Vargas, 2010. "Determinants of Urban Vacant Land," The Journal of Real Estate Finance and Economics, Springer, Springer, vol. 40(2), pages 188-202, February.
  10. Jean CavailhËs & Mohamed Hilal & Pierre Wavresky, 2011. "Option values on periurban land markets," ERSA conference papers, European Regional Science Association ersa10p1629, European Regional Science Association.
  11. Elias Oikarinen, 2009. "Dynamic linkages between housing and lot prices: Empirical evidence from Helsinki," Discussion Papers, Aboa Centre for Economics 53, Aboa Centre for Economics.
  12. W. Bowman Cutter & Sofia F. Franco, 2012. "The uneasy case for lower Parking Standards," FEUNL Working Paper Series, Universidade Nova de Lisboa, Faculdade de Economia wp564, Universidade Nova de Lisboa, Faculdade de Economia.
  13. Guillaume POUYANNE (GREThA-GRES), 2008. "Economics of discontinuous urban development (In French)," Cahiers du GRES, Groupement de Recherches Economiques et Sociales 2008-06, Groupement de Recherches Economiques et Sociales.
  14. Pierre Wavresky & Mohamed Hilal & Jean Cavailhès, 2011. "L’influence urbaine sur le prix des terres agricoles et ses conséquences pour l’agriculture," Économie et Statistique, Programme National Persée, Programme National Persée, vol. 444(1), pages 99-125.
  15. Groves, Jeremy R., 2009. "The impact of positive property tax differentials on the timing of development," Regional Science and Urban Economics, Elsevier, Elsevier, vol. 39(6), pages 739-748, November.
  16. John Clapp & Piet Eichholtz & Thies Lindenthal, 2012. "Real Option Value over a Housing Market Cycle: West Berlin," ERSA conference papers, European Regional Science Association ersa12p264, European Regional Science Association.
  17. Clapp, John M. & Bardos, Katsiaryna Salavei & Wong, S.K., 2012. "Empirical estimation of the option premium for residential redevelopment," Regional Science and Urban Economics, Elsevier, Elsevier, vol. 42(1-2), pages 240-256.
  18. Kim, Seung Gyu & Cho, Seong-Hoon & Classen, Roger, 2012. "Exploring Spatially Heterogeneous Effect of Property Tax Scheme on Land Development," 2012 Annual Meeting, August 12-14, 2012, Seattle, Washington, Agricultural and Applied Economics Association 124709, Agricultural and Applied Economics Association.
  19. Robert Grovenstein & James Kau & Henry Munneke, 2011. "Development Value: A Real Options Approach Using Empirical Data," The Journal of Real Estate Finance and Economics, Springer, Springer, vol. 43(3), pages 321-335, October.

Lists

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

Statistics

Access and download statistics

Corrections

When requesting a correction, please mention this item's handle: RePEc:eee:juecon:v:59:y:2006:i:1:p:1-31. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Zhang, Lei).

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.