| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w9475
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| 来源ID | Working Paper 9475
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| An Equilibrium Analysis of Real Estate |
| Steven R. Grenadier
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| 发表日期 | 2003-02-03
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| 出版年 | 2003
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| 语种 | 英语
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| 摘要 | This paper provides a unified equilibrium approach to valuing a wide variety of commercial real estate lease contracts. Using a game-theoretic variant of real options analysis, the underlying real estate asset market is modeled as a continuous-time Nash equilibrium in which developers make construction decisions under demand uncertainty. Then, using the economic notion that leasing simply represents the purchase of the use of the asset over a specified time frame, I use a contingent-claims approach to value many of the most common real estate leasing arrangements. In particular, the model provides closed-form solutions for the equilibrium valuation of leases with options to purchase, pre-leasing, gross and net leases, leases with cancellation options, ground leases, escalation clauses, lease concessions and sale-leasebacks. |
| 主题 | Financial Economics
; Portfolio Selection and Asset Pricing
; Financial Markets
|
| URL | https://www.nber.org/papers/w9475
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/567094
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推荐引用方式
GB/T 7714 |
Steven R. Grenadier. An Equilibrium Analysis of Real Estate. 2003.
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文件名：
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w9475.pdf
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格式：
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Adobe PDF
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