Hedonic Models with Redevelopment Options under Uncertainty

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Title:	Hedonic Models with Redevelopment Options under Uncertainty
Authors:	李丹;Clapp, John M.;Jou, Jyh-Bang;(Charlene) Lee, Tan
Contributors:	管理學院財務金融學系
Keywords:	Economic models;Geb�udesanierung;Hedonischer Preisindex;Immobilienpreis;Market prices;Optionspreistheorie;Property values;Redevelopment;Rentals;Studies
Date:	2012-06-01
Issue Date:	2026-04-23 12:00:20 (UTC+8)
Publisher:	Wiley-Blackwell Publishing Ltd;Malden, USA: Blackwell Publishing Inc
Abstract:	摘要： In the hedonic model, implicit market prices can be interpreted as the present values of rents per unit of each hedonic characteristic. But when rents rise, there may be substantial value associated with the option to redevelop to higher intensity per unit land value. In the presence of option value, we first demonstrate that hedonic linear regressions should include an additive nonnegative term for the value of the option. This term increases in the variance of the underlying stochastic process. If this term is omitted, then estimates of implicit market prices for desirable (undesirable) characteristics will be biased downward (upward). This prediction is supported by recent empirical studies. We further suggest that future empirical work can employ the nonlinear functional form derived from our theory. 出版者： Malden, USA: Blackwell Publishing Inc 出版日期： 2012-06-01 出處： Real estate economics, 2012-06, Vol.40 (2), p.197-216 資源來源： EBSCOhost OmniFile Full Text Select 版權： 2012 American Real Estate and Urban Economics Association 版權： Copyright American Real Estate and Urban Economic Association Summer 2012 識別號： ISSN: 1080-8620 識別號： EISSN: 1540-6229 識別號： DOI: 10.1111/j.1540-6229.2011.00323.x
Appears in Collections:	[Department of Finance] journal & Dissertation

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