dc.contributor.author |
Clapp, JM |
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dc.contributor.author |
Jou, JB |
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dc.contributor.author |
Lee, T |
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dc.date.accessioned |
2011-11-07T21:38:12Z |
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dc.date.available |
2011-11-07T21:38:12Z |
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dc.date.issued |
2012 |
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dc.identifier.citation |
Real Estate Economics, June 2012 |
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dc.identifier.issn |
1080-8620 |
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dc.identifier.uri |
http://hdl.handle.net/2292/8796 |
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dc.description.abstract |
In Rosen’s (1974) 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 non-negative 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 the recent empirical studies. We further suggest that future empirical work can employ the non-linear functional form derived from our theory. |
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dc.relation.ispartofseries |
Real Estate Economics |
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dc.rights |
Items in ResearchSpace are protected by copyright, with all rights reserved, unless otherwise indicated. Previously published items are made available in accordance with the copyright policy of the publisher. Details obtained from http://www.sherpa.ac.uk/romeo/issn/1080-8620/ |
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dc.rights.uri |
https://researchspace.auckland.ac.nz/docs/uoa-docs/rights.htm |
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dc.source.uri |
http://ssrn.com/abstract=1814225 |
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dc.title |
Hedonic Models with Redevelopment Options under Uncertainty |
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dc.type |
Journal Article |
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dc.rights.holder |
Copyright: Social Science Electronic Publishing, Inc. |
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dc.rights.accessrights |
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pubs.elements-id |
200385 |
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pubs.org-id |
Faculty of Business & Economic |
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pubs.org-id |
Accounting & Finance |
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