| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP16023 |
| DP16023 The option value of vacant land: Don't build when demand for housing is booming | |
| Rutger-Jan Lange; Coen N. Teulings | |
| 发表日期 | 2021-04-09 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | Urban structures and urban growth rates are highly persistent. This has far-reaching implications for the optimal size and timing of new construction. We prove that rational developers postpone construction not because prospects are gloomy, but because they are bright. For cities that are growing, a positive growth shock causes rational investors not to speed up investment but rather to postpone it. In our model, the observed heterogeneity in floorspace density between cities can be explained not by differences in population levels, but in growth rates. |
| 主题 | Financial Economics ; International Trade and Regional Economics |
| 关键词 | Real options Mean-reverting growth Irreversible investment Real-estate construction Urban growth |
| URL | https://cepr.org/publications/dp16023-0 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/545005 |
| 推荐引用方式 GB/T 7714 | Rutger-Jan Lange,Coen N. Teulings. DP16023 The option value of vacant land: Don't build when demand for housing is booming. 2021. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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