Residential investment and interest rates: An empirical test of land development as a real option

Real Estate Economics

Volumn 29, Issue 3, 2001, Pages 503-519

  Capozza, Dennis R ^a   Li, Yuming ^b  

^a UNIVERSITY OF MICHIGAN   (United States)

^b CALIFORNIA STATE UNIVERSITY   (United States)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 0035601750     PISSN: 10808620     EISSN: None     Source Type: Journal    
DOI: 10.1111/1080-8620.00020     Document Type: Article

References (16)

1. Amin, K. and D. R. Capozza. 1991. Seemingly Irrational Construction, Survey of Regional Literature 19.
2. Arnott, R. and F. D. Lewis. 1979. The Transition of Land to Urban Use. Journal of Political Economy 87: 161-169.
3. Capozza, D. R. and R. Helsley. 1989. The Fundamentals of Urban Growth and the Price of Land. Journal of Urban Economics 26: 295-306.
4. Capozza, D. R. and R. Helsley. 1990. The Stochastic City. Journal of Urban Economics 28: 187-203.
5. Capozza, D. R. and Y. Li. 1994. Intensity and Timing of Investment: The Case of Land. American Economic Review 84: 889-904.
6. Capozza, D. R. and Y. Li. 2001. Optimal Land Development Decisions. Journal of Urban Economics 50: _.
7. Capozza, D. R. and G. Sick. 1991. Valuing Long Term Leases: The Option to Redevelop. Journal of Real Estate Finance and Economics 4(2): 209-223.
8. Capozza, D. R. and G. Sick. 1993. The Risk Structure of Land Markets, Journal of Urban Economics 35(3): 297-319.
9. Dixit, A. and R. Pindyck. 1994. Investment Under Uncertainty, Princeton University Press, Princeton, NJ.
10. Hall, R. E. 1977. Investment, Interest Rates, and the Effects of Stabilization Policies. Brookings Papers on Economic Activity 1: 61-103.
11. Heaney J. and R. Jones. 1986. The Timing of Investment, Technical Report, University of British Columbia, Faculty of Commerce, Working Paper 998.
12. Ingersoll, J. and S. Ross. 1992. Waiting to Invest: Investment and Uncertainty. Journal of Business 65: 1-29.
13. Mills, E. S. 1972. Urban Economics. Glenview, IL: Scott Foresman and Co.
14. White, H. 1980. A Heteroskedasticity-Consistent Covariance Matrix Estimator and a Direct Test for Heteroskedasticity Econometrics 48: 817-838.
15. White, H. 1984. Asymptotic Theory for Econometricians. Academic Press: New York.
16. Williams, J. 1991. Real Estate Development as an Option. Journal of Real Estate Finance and Economics 4: 191-208.