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The Strategic Exercise of Options: Development Cascades and Overbuilding in Real Estate Markets

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Cited by:

  1. Kuno J.M. Huisman & Peter M. Kort, 2015. "Strategic capacity investment under uncertainty," RAND Journal of Economics, RAND Corporation, vol. 46(2), pages 376-408, June.
  2. Dean Paxson & Helena Pinto, 2005. "Rivalry under price and quantity uncertainty," Review of Financial Economics, John Wiley & Sons, vol. 14(3-4), pages 209-224.
  3. Pawlina, G. & Kort, P.M., 2001. "Strategic Capital Budgeting : Asset Replacement Under Uncertainty," Other publications TiSEM e79e30d8-bf35-4cde-ae02-f, Tilburg University, School of Economics and Management.
  4. David Adams & Alan Disberry & Norman Hutchison & Thomas Munjoma, 2001. "Ownership Constraints to Brownfield Redevelopment," Environment and Planning A, , vol. 33(3), pages 453-477, March.
  5. Michi Nishihara, 2009. "Preemptive Investment Game with Alternative Projects," Discussion Papers in Economics and Business 09-16, Osaka University, Graduate School of Economics.
  6. Bruno Versaevel, 2009. "Cumulative Leadership and Entry Dynamics," Post-Print halshs-00371847, HAL.
  7. Helen Weeds, 2002. "Strategic Delay in a Real Options Model of R&D Competition," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 69(3), pages 729-747.
  8. Ruble, Richard & Versaevel, Bruno & de Villemeur, Étienne, 2010. "On the Timing of Vertical Relationships," IDEI Working Papers 627, Institut d'Économie Industrielle (IDEI), Toulouse, revised 11 Apr 2011.
  9. Andrew Haughwout & Richard W. Peach & John Sporn & Joseph Tracy, 2012. "The Supply Side of the Housing Boom and Bust of the 2000s," NBER Chapters, in: Housing and the Financial Crisis, pages 69-104, National Bureau of Economic Research, Inc.
  10. Suresh Sundaresan & Neng Wang & Jinqiang Yang, 2015. "Dynamic Investment, Capital Structure, and Debt Overhang," The Review of Corporate Finance Studies, Society for Financial Studies, vol. 4(1), pages 1-42.
  11. Robert Edelstein & Desmond Tsang, 2007. "Dynamic Residential Housing Cycles Analysis," The Journal of Real Estate Finance and Economics, Springer, vol. 35(3), pages 295-313, October.
  12. Etienne Billette de Villemeur & Richard Ruble & Bruno Versaevel, 2010. "Timing Vertical Relationships," Post-Print halshs-00590310, HAL.
  13. Pascal François & Georges Hubner & Nicolas Papageorgiou, 2009. "A Dynamic Model of Risk-Shifting Incentives with Convertible Debt," Cahiers de recherche 0930, CIRPEE.
  14. Ying Fan & Charles Ka Yui Leung & Zan Yang, 2022. "Financial conditions, local competition, and local market leaders: The case of real estate developers," Pacific Economic Review, Wiley Blackwell, vol. 27(2), pages 131-193, May.
  15. Adrien Nguyen Huu, 2013. "Investment under uncertainty, competition and regulation," Papers 1309.1844, arXiv.org, revised Feb 2014.
  16. 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, vol. 47(1), pages 152-168, July.
  17. Miao, Jianjun & Wang, Neng, 2011. "Risk, uncertainty, and option exercise," Journal of Economic Dynamics and Control, Elsevier, vol. 35(4), pages 442-461, April.
  18. Jan-Henrik Steg, 2018. "On Preemption in Discrete and Continuous Time," Dynamic Games and Applications, Springer, vol. 8(4), pages 918-938, December.
  19. Han T. J. Smit & Lenos Trigeorgis, 2017. "Strategic NPV: Real Options and Strategic Games under Different Information Structures," Strategic Management Journal, Wiley Blackwell, vol. 38(13), pages 2555-2578, December.
  20. Bart M. Lambrecht & Grzegorz Pawlina, 2010. "Corporate Finance and the (In)efficient Exercise of Real Options," Multinational Finance Journal, Multinational Finance Journal, vol. 14(3-4), pages 189-217, September.
  21. Boyer, Marcel & Lasserre, Pierre & Moreaux, Michel, 2012. "A dynamic duopoly investment game without commitment under uncertain market expansion," International Journal of Industrial Organization, Elsevier, vol. 30(6), pages 663-681.
  22. 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, vol. 42(1-2), pages 240-256.
  23. Niu, Yingjie & He, Linfeng & Wu, Wei, 2021. "Managerial compensation with hyperbolic discounting," Finance Research Letters, Elsevier, vol. 38(C).
  24. Yingjie Niu & Jinqiang Yang & Zhentao Zou, 2021. "Investment decisions under incomplete markets in the presence of wealth effects," Journal of Economics, Springer, vol. 133(2), pages 167-189, July.
  25. Ioannis Kyriakou & Panos K. Pouliasis & Nikos C. Papapostolou & Nikos K. Nomikos, 2018. "Income uncertainty and the decision to invest in bulk shipping," European Financial Management, European Financial Management Association, vol. 24(3), pages 387-417, June.
  26. Bulan, Laarni & Mayer, Christopher & Somerville, C. Tsuriel, 2009. "Irreversible investment, real options, and competition: Evidence from real estate development," Journal of Urban Economics, Elsevier, vol. 65(3), pages 237-251, May.
  27. Grzegorz Pawlina & Peter M. Kort, 2010. "Strategic Quality Choice Under Uncertainty: A Real Options Approach," Manchester School, University of Manchester, vol. 78(1), pages 1-19, January.
  28. Michi Nishihara & Takashi Shibata, 2014. "Preemption, leverage, and financing constraints," Review of Financial Economics, John Wiley & Sons, vol. 23(2), pages 75-89, April.
  29. Lander, Diane M. & Pinches, George E., 1998. "Challenges to the Practical Implementation of Modeling and Valuing Real Options," The Quarterly Review of Economics and Finance, Elsevier, vol. 38(3, Part 2), pages 537-567.
  30. Joril Maeland, 2010. "Asymmetric Information and Irreversible Investments: an Auction Model," Multinational Finance Journal, Multinational Finance Journal, vol. 14(3-4), pages 255-289, September.
  31. Bruno Versaevel, 2015. "Alertness, Leadership, and Nascent Market Dynamics," Dynamic Games and Applications, Springer, vol. 5(4), pages 440-466, December.
  32. Bustamante, Maria Cecilia, 2011. "Strategic investment, industry concentration and the cross section of returns," LSE Research Online Documents on Economics 37454, London School of Economics and Political Science, LSE Library.
  33. Zhiguo He & Péter Kondor, 2016. "Inefficient Investment Waves," Econometrica, Econometric Society, vol. 84, pages 735-780, March.
  34. Crocker H. Liu & Patrick S. Smith, 2023. "School quality as a catalyst for bidding wars and new housing development," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 51(4), pages 785-818, July.
  35. Lu, Chien-Lin & Liao, Wen-Chi & Peng, Chien-Wen, 2020. "Developers’ perspectives on timing to build: Evidence from microdata of land acquisition and development," Journal of Housing Economics, Elsevier, vol. 49(C).
  36. Boyer, Marcel & Lasserre, Pierre & Moreaux, Michel, 2010. "A Dynamic Duopoly Investment Game under Uncertain Market Growth," TSE Working Papers 10-171, Toulouse School of Economics (TSE).
  37. HOSONO Kaoru & TAKIZAWA Miho & YAMANOUCHI Kenta, 2017. "Competition, Uncertainty, and Misallocation," Discussion papers 17071, Research Institute of Economy, Trade and Industry (RIETI).
  38. Ohyama, Atsuyuki & Tsujimura, Motoh, 2008. "Induced effects and technological innovation with strategic environmental policy," European Journal of Operational Research, Elsevier, vol. 190(3), pages 834-854, November.
  39. Arasteh, Abdollah, 2017. "Considering the investment decisions with real options games approach," Renewable and Sustainable Energy Reviews, Elsevier, vol. 72(C), pages 1282-1294.
  40. Jukka Lempa, 2020. "Some results on optimal stopping under phase-type distributed implementation delay," Mathematical Methods of Operations Research, Springer;Gesellschaft für Operations Research (GOR);Nederlands Genootschap voor Besliskunde (NGB), vol. 91(3), pages 559-583, June.
  41. Colombo, Luca & Labrecciosa, Paola, 2021. "A stochastic differential game of duopolistic competition with sticky prices," Journal of Economic Dynamics and Control, Elsevier, vol. 122(C).
  42. Chu, Yongqiang & Sing, Tien Foo, 2021. "Intensity and Timing Options in Real Estate Developments," International Real Estate Review, Global Social Science Institute, vol. 24(1), pages 1-17.
  43. Steg, Jan-Henrik & Thijssen, Jacco J.J., 2023. "Strategic investment with positive externalities," Games and Economic Behavior, Elsevier, vol. 138(C), pages 1-21.
  44. Lambrecht, Bart & Perraudin, William, 2003. "Real options and preemption under incomplete information," Journal of Economic Dynamics and Control, Elsevier, vol. 27(4), pages 619-643, February.
  45. Jean-Paul Décamps & Thomas Mariotti & Stéphane Villeneuve, 2006. "Irreversible investment in alternative projects," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 28(2), pages 425-448, June.
  46. Moretto, Michele, 2008. "Competition and irreversible investments under uncertainty," Information Economics and Policy, Elsevier, vol. 20(1), pages 75-88, March.
  47. Kenny, Geoff, 2003. "Asymmetric adjustment costs and the dynamics of housing supply," Economic Modelling, Elsevier, vol. 20(6), pages 1097-1111, December.
  48. Lambrecht, Bart M., 2017. "Real options in finance," Journal of Banking & Finance, Elsevier, vol. 81(C), pages 166-171.
  49. Miss Mali Chivakul & Mr. Waikei R Lam & Xiaoguang Liu & Wojciech Maliszewski & Mr. Alfred Schipke, 2015. "Understanding Residential Real Estate in China," IMF Working Papers 2015/084, International Monetary Fund.
  50. Ali Naef Mohammad, 2016. "Valuation Tools for Determining the Value of Assets: A Literature Review," International Journal of Academic Research in Accounting, Finance and Management Sciences, Human Resource Management Academic Research Society, International Journal of Academic Research in Accounting, Finance and Management Sciences, vol. 6(4), pages 63-72, October.
  51. repec:rim:rimwps:07-08 is not listed on IDEAS
  52. Grzegorz Pawlina & Peter M. Kort, 2006. "Real Options in an Asymmetric Duopoly: Who Benefits from Your Competitive Disadvantage?," Journal of Economics & Management Strategy, Wiley Blackwell, vol. 15(1), pages 1-35, March.
  53. Michi Nishihara & Takashi Shibata, 2011. "The effects of costly exploration on optimal investment timing," Review of Financial Economics, John Wiley & Sons, vol. 20(3), pages 105-112, August.
  54. Murto, Pauli & Nasakkala, Erkka & Keppo, Jussi, 2004. "Timing of investments in oligopoly under uncertainty: A framework for numerical analysis," European Journal of Operational Research, Elsevier, vol. 157(2), pages 486-500, September.
  55. Vicky Henderson & David Hobson & Matthew Zeng, 2023. "Cautious stochastic choice, optimal stopping and deliberate randomization," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 75(3), pages 887-922, April.
  56. Rutger-Jan Lange & Coen N. Teulings, 2021. "The option value of vacant land: Don't build when demand for housing is booming," Tinbergen Institute Discussion Papers 21-022/IV, Tinbergen Institute.
  57. Doriana Ruffino & Jonathan Treussard, 2006. "Lumps and Clusters in Duopolistic Investment Games: An Early Exercise Premium Approach," Boston University - Department of Economics - Working Papers Series WP2006-044, Boston University - Department of Economics.
  58. Steven R. Grenadier, 2003. "An Equilibrium Analysis of Real Estate," NBER Working Papers 9475, National Bureau of Economic Research, Inc.
  59. Riedel, Frank & Steg, Jan-Henrik, 2017. "Subgame-perfect equilibria in stochastic timing games," Journal of Mathematical Economics, Elsevier, vol. 72(C), pages 36-50.
  60. Nestor Garza & Colin Lizieri, 2012. "Skyscrapers and the economy," ERSA conference papers ersa12p414, European Regional Science Association.
  61. Nishihara, Michi & Shibata, Takashi, 2013. "The effects of external financing costs on investment timing and sizing decisions," Journal of Banking & Finance, Elsevier, vol. 37(4), pages 1160-1175.
  62. Atsuyuki Ohyama & Motoh Tsujimura, 2006. "Political Measures for Strategic Environmental Policy with External Effects," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 35(2), pages 109-135, October.
  63. Bouveret, Géraldine & Dumitrescu, Roxana & Tankov, Peter, 2022. "Technological change in water use: A mean-field game approach to optimal investment timing," Operations Research Perspectives, Elsevier, vol. 9(C).
  64. Giovanni Villani, 2014. "Valuation of R&D Investment Opportunities with the Threat of Competitors Entry in Real Option Analysis," Computational Economics, Springer;Society for Computational Economics, vol. 43(3), pages 331-355, March.
  65. Siddiqui, Afzal & Takashima, Ryuta, 2012. "Capacity switching options under rivalry and uncertainty," European Journal of Operational Research, Elsevier, vol. 222(3), pages 583-595.
  66. Miao, Jianjun & Wang, Neng, 2007. "Investment, consumption, and hedging under incomplete markets," Journal of Financial Economics, Elsevier, vol. 86(3), pages 608-642, December.
  67. Randrianarisoa, Laingo M. & Zhang, Anming, 2019. "Adaptation to climate change effects and competition between ports: Invest now or later?," Transportation Research Part B: Methodological, Elsevier, vol. 123(C), pages 279-322.
  68. Rose Neng Lai & Lawrence Hoc Nang Fong, 2021. "Development Strategies in a Market of High Vacancies and Sticky Rates – The Case of the Hotel Industry," International Real Estate Review, Global Social Science Institute, vol. 24(3), pages 363-383.
  69. Charalampopoulos, George & Katsianis, Dimitris & Varoutas, Dimitris, 2020. "Investigating the intertwining impact of wholesale access pricing and the commitment to net neutrality principle on European next-generation access networks private investment plans: An options-game a," Telecommunications Policy, Elsevier, vol. 44(3).
  70. Huisman, K.J.M. & Kort, P.M. & Pawlina, G. & Thijssen, J.J.J., 2003. "Strategic Investment Under Uncertainty : Merging Real Options with Game Theory," Discussion Paper 2003-6, Tilburg University, Center for Economic Research.
  71. Jianjun Miao & Neng Wang, 2004. "Investment, Hedging, and Consumption Smoothing," Finance 0407014, University Library of Munich, Germany.
  72. Bayer, Christian, 2007. "Investment timing and predatory behavior in a duopoly with endogenous exit," Journal of Economic Dynamics and Control, Elsevier, vol. 31(9), pages 3069-3109, September.
  73. John Clapp & Katsiaryna Bardos & Tingyu Zhou, 2014. "Expansions and Contractions of Major US Shopping Centers," The Journal of Real Estate Finance and Economics, Springer, vol. 48(1), pages 16-56, January.
  74. Weeds, Helen & Mason, Robin, 2010. "The Timing of Takeovers in Growing and Declining Markets," CEPR Discussion Papers 7678, C.E.P.R. Discussion Papers.
  75. Zavodov, Kirill, 2012. "Renewable energy investment and the clean development mechanism," Energy Policy, Elsevier, vol. 40(C), pages 81-89.
  76. Flavia Cortelezzi & Pierpaolo Giannoccolo & Giovanni Villani, 2011. "Strategic Urban Development Under Uncertainty," The IUP Journal of Financial Economics, IUP Publications, vol. 0(4), pages 7-27, December.
  77. Seung Dong You, 2014. "The Leveraged City," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 42(4), pages 1042-1066, December.
  78. Thijssen, Jacco J.J. & Huisman, Kuno J.M. & Kort, Peter M., 2012. "Symmetric equilibrium strategies in game theoretic real option models," Journal of Mathematical Economics, Elsevier, vol. 48(4), pages 219-225.
  79. Guthrie, Graeme, 2010. "House prices, development costs, and the value of waiting," Journal of Urban Economics, Elsevier, vol. 68(1), pages 56-71, July.
  80. Flavio Toxvaerd, 2005. "Record Breaking and Temporal Clustering," Discussion Paper Series dp395, The Federmann Center for the Study of Rationality, the Hebrew University, Jerusalem.
  81. Manuel Rocha Armada & Lawrence Kryzanowski & Paulo Jorge Pereira, 2011. "Optimal Investment Decisions for Two Positioned Firms Competing in a Duopoly Market with Hidden Competitors," European Financial Management, European Financial Management Association, vol. 17(2), pages 305-330, March.
  82. Christian A. L. Hilber, 2019. "Immobilienpreise und Immobilienzyklen und die Rolle von Angebotsbeschränkungen [The impact of local supply constraints on house prices and price dynamics]," Zeitschrift für Immobilienökonomie (German Journal of Real Estate Research), Springer;Gesellschaft für Immobilienwirtschaftliche Forschung e. V., vol. 5(1), pages 37-65, November.
  83. Lee Seltzer, 2021. "Financing Constraints and Maintenance Investments: Evidence from Apartments," Staff Reports 1000, Federal Reserve Bank of New York.
  84. Jyh-Bang Jou & Tan (Charlene) Lee, 2011. "Mutually exclusive investment with technical uncertainty," Applied Economics, Taylor & Francis Journals, vol. 43(30), pages 4723-4728.
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  88. YongQiang Chu & Tien Sing, 2007. "Optimal Timing of Real Estate Investment under an Asymmetric Duopoly," The Journal of Real Estate Finance and Economics, Springer, vol. 34(3), pages 327-345, April.
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  90. 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 52, Aboa Centre for Economics.
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  92. Michi Nishihara & Takashi Shibata, 2010. "Interactions between Preemptive Competition and a Financing Constraint," Journal of Economics & Management Strategy, Wiley Blackwell, vol. 19(4), pages 1013-1042, December.
  93. Niemann, Rainer & Sureth-Sloane, Caren, 2015. "Investment effects of wealth taxes under uncertainty and irreversibility," arqus Discussion Papers in Quantitative Tax Research 192, arqus - Arbeitskreis Quantitative Steuerlehre.
  94. Takahiro Watanabe, 2012. "Real Options and Signaling in Strategic Investment Games," KIER Working Papers 809, Kyoto University, Institute of Economic Research.
  95. Singita Makaringi & Khabane Mokoka & Jake Schmidt, 2019. "The Impact of Aligning the Strategies of CREM with Those of a Corporate Business Using Real Options," Applied Finance and Accounting, Redfame publishing, vol. 5(1), pages 1-11, February.
  96. Leung, Charles, 2004. "Macroeconomics and housing: a review of the literature," Journal of Housing Economics, Elsevier, vol. 13(4), pages 249-267, December.
  97. Marcel Boyer & Pierre Lasserre & Thomas Mariotti & Michel Moreaux, 2001. "Real Options, Preemption, and the Dynamics of Industry Investments," CIRANO Working Papers 2001s-64, CIRANO.
  98. Iyer, Sriya & Velu, Chander, 2006. "Real options and demographic decisions," Journal of Development Economics, Elsevier, vol. 80(1), pages 39-58, June.
  99. Colin Lizieri, 2011. "Global Cities, Office Markets and Capital Flows," Chapters, in: Ben Derudder & Michael Hoyler & Peter J. Taylor & Frank Witlox (ed.), International Handbook of Globalization and World Cities, chapter 15, Edward Elgar Publishing.
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  101. Jyh-Bang Jou & Tan Lee, 2007. "Do Tighter Restrictions on Density Retard Development?," The Journal of Real Estate Finance and Economics, Springer, vol. 34(2), pages 225-232, February.
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  111. 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, vol. 43(3), pages 321-335, October.
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  158. Rose Lai & Ko Wang & Jing Yang, 2007. "Stickiness of Rental Rates and Developers’ Option Exercise Strategies," The Journal of Real Estate Finance and Economics, Springer, vol. 34(1), pages 159-188, January.
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  180. Takashi Shibata & Tetsuya Yamada, 2009. "Dynamic Model of Credit Risk in Relationship Lending: A Game- Theoretic Real Options Approach," Monetary and Economic Studies, Institute for Monetary and Economic Studies, Bank of Japan, vol. 27(1), pages 195-218, November.
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  207. Pawlina, G. & Kort, P.M., 2005. "The strategic value of flexible quality choice : a real options analysis," Other publications TiSEM 8658343c-8720-4469-8e5a-c, Tilburg University, School of Economics and Management.
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  211. Dieci, Roberto & Westerhoff, Frank, 2015. "Heterogeneous expectations, boom-bust housing cycles, and supply conditions: A nonlinear dynamics approach," BERG Working Paper Series 99, Bamberg University, Bamberg Economic Research Group.
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  213. Zhi Dong & Tien Foo Sing, 2021. "Do Investors Overreact for Property and Financial Service Sectors?," Journal of Emerging Market Finance, Institute for Financial Management and Research, vol. 20(1), pages 79-123, April.
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