메뉴 건너뛰기




Volumn 34, Issue 1, 2007, Pages 159-188

Stickiness of rental rates and developers' option exercise strategies

Author keywords

Overbuilding; Real options; Sticky rents

Indexed keywords


EID: 34248561491     PISSN: 08955638     EISSN: None     Source Type: Journal    
DOI: 10.1007/s11146-007-9004-3     Document Type: Conference Paper
Times cited : (12)

References (39)
  • 1
    • 0000885153 scopus 로고
    • The folk theorem for repeated games: A NEU condition
    • Abreu, D., Dutta, P. K., & Smith, L. (1994). The folk theorem for repeated games: A NEU condition. Econometrica, 62, 939-948.
    • (1994) Econometrica , vol.62 , pp. 939-948
    • Abreu, D.1    Dutta, P.K.2    Smith, L.3
  • 2
    • 0000234444 scopus 로고
    • Acceptable points in general cooperative n-person games
    • R. D. Luce & A. W. Tucker Eds, Princeton: Princeton University Press
    • Aumann, R. J. (1959). Acceptable points in general cooperative n-person games. In R. D. Luce & A. W. Tucker (Eds.), Contributions to the theory of games IV, annals of mathematical study, 40, pp. 287-324. Princeton: Princeton University Press.
    • (1959) Contributions to the theory of games IV, annals of mathematical study , vol.40 , pp. 287-324
    • Aumann, R.J.1
  • 3
    • 84972502920 scopus 로고
    • Acceptable points in games of perfect information
    • Aumann, R. J. (1960). Acceptable points in games of perfect information. Pacific Journal of Mathematics, 10, 381-387.
    • (1960) Pacific Journal of Mathematics , vol.10 , pp. 381-387
    • Aumann, R.J.1
  • 5
    • 0000370593 scopus 로고    scopus 로고
    • Explaining the vacancy rate-rent paradox of the 1980s
    • Belsky, E., & Goodman, Jr., J. L. (1996). Explaining the vacancy rate-rent paradox of the 1980s. Journal of Real Estate Research, 11(3), 309-323.
    • (1996) Journal of Real Estate Research , vol.11 , Issue.3 , pp. 309-323
    • Belsky, E.1    Goodman Jr., J.L.2
  • 6
    • 0008314783 scopus 로고    scopus 로고
    • In search of empirical evidence that links renmt and user cost
    • Blackley, D. M., & Follain, J. R. (1996). In search of empirical evidence that links renmt and user cost. Regional Science and Urban Economics, 26, 409-431.
    • (1996) Regional Science and Urban Economics , vol.26 , pp. 409-431
    • Blackley, D.M.1    Follain, J.R.2
  • 8
    • 34248534142 scopus 로고
    • The valuation of options for alternative stochastic processes
    • Cox, J. C., & Ross, S. A. (1976). The valuation of options for alternative stochastic processes. Journal of Financial Economics, 13, 371-397.
    • (1976) Journal of Financial Economics , vol.13 , pp. 371-397
    • Cox, J.C.1    Ross, S.A.2
  • 10
    • 34248555937 scopus 로고    scopus 로고
    • The state of hotel development: It's on the decline, but that's good
    • Fickes, M. (2001). The state of hotel development: it's on the decline, but that's good. National Real Estate Investor, 43(5), 118-121.
    • (2001) National Real Estate Investor , vol.43 , Issue.5 , pp. 118-121
    • Fickes, M.1
  • 11
    • 84944618434 scopus 로고
    • A noncooperative equilibrium for supergames
    • Friedman, J. (1971). A noncooperative equilibrium for supergames. Review of Economic Studies, 38, 1-12.
    • (1971) Review of Economic Studies , vol.38 , pp. 1-12
    • Friedman, J.1
  • 12
    • 0000028492 scopus 로고
    • The folk theorem in repeated games with discounting and with incomplete information
    • Fudenberg, D., & Maskin, E. (1986). The folk theorem in repeated games with discounting and with incomplete information. Econometrica, 54, 533-554.
    • (1986) Econometrica , vol.54 , pp. 533-554
    • Fudenberg, D.1    Maskin, E.2
  • 13
    • 84984049123 scopus 로고
    • Rental housing markets and the natural vacancy rate
    • Gabriel, S. A., & Nofhaft, F. E. (1988). Rental housing markets and the natural vacancy rate. AREUEA Journal, 16(4), 419-429.
    • (1988) AREUEA Journal , vol.16 , Issue.4 , pp. 419-429
    • Gabriel, S.A.1    Nofhaft, F.E.2
  • 14
    • 0000486843 scopus 로고
    • Valuing lease contracts: A real-option approach
    • Grenadier, S. R. (1995). Valuing lease contracts: A real-option approach. Journal of Financial Economics, 38, 297-331.
    • (1995) Journal of Financial Economics , vol.38 , pp. 297-331
    • Grenadier, S.R.1
  • 15
    • 0039925951 scopus 로고    scopus 로고
    • The strategic exercise of options: Development cascades and overbuilding in real estate
    • Grenadier, S. R. (1996). The strategic exercise of options: Development cascades and overbuilding in real estate. Journal of Finance, 51, 1653-1679.
    • (1996) Journal of Finance , vol.51 , pp. 1653-1679
    • Grenadier, S.R.1
  • 16
    • 38649141305 scopus 로고
    • Martingales and arbitrage in multiperiod securities markets
    • Harrison, J. M., & Kreps, D. M. (1979). Martingales and arbitrage in multiperiod securities markets. Journal of Economic Theory, 20, 381-408.
    • (1979) Journal of Economic Theory , vol.20 , pp. 381-408
    • Harrison, J.M.1    Kreps, D.M.2
  • 17
    • 0034383856 scopus 로고    scopus 로고
    • Property asset bubbles: Evidence from the Sydney office market
    • Hendershott, P. H. (2000). Property asset bubbles: Evidence from the Sydney office market. Journal of Real Estate Finance and Economics, 20(1), 67-81.
    • (2000) Journal of Real Estate Finance and Economics , vol.20 , Issue.1 , pp. 67-81
    • Hendershott, P.H.1
  • 18
    • 34248551536 scopus 로고    scopus 로고
    • New development: Where to from here?
    • Johnson, B. (1998). New development: Where to from here? National Real Estate Investor, 40(5), 18-22.
    • (1998) National Real Estate Investor , vol.40 , Issue.5 , pp. 18-22
    • Johnson, B.1
  • 19
    • 84984080831 scopus 로고
    • Atypicality and the natural vacancy rate hypothesis
    • Jud, G. D., & Frew, J. (1990). Atypicality and the natural vacancy rate hypothesis. AREUEA Journal, 18(3), 294-301.
    • (1990) AREUEA Journal , vol.18 , Issue.3 , pp. 294-301
    • Jud, G.D.1    Frew, J.2
  • 20
    • 0005776183 scopus 로고
    • Does default risk in coupons affect the valuation of corporate bonds'? A contingent claims model
    • Kim, I. J., Ramaswamy, K., & Sundaresan, S. (1993). Does default risk in coupons affect the valuation of corporate bonds'? A contingent claims model. Financial Management, 22, 117-131.
    • (1993) Financial Management , vol.22 , pp. 117-131
    • Kim, I.J.1    Ramaswamy, K.2    Sundaresan, S.3
  • 21
    • 33847069350 scopus 로고
    • Rational cooperation in the finitely repeated prisoners' dilemma
    • Kreps, D., Milgrom, P., Roberts, J., & Wilson, R. (1982). Rational cooperation in the finitely repeated prisoners' dilemma. Journal of Economic Theory, 27, 245-252.
    • (1982) Journal of Economic Theory , vol.27 , pp. 245-252
    • Kreps, D.1    Milgrom, P.2    Roberts, J.3    Wilson, R.4
  • 22
    • 0006421240 scopus 로고    scopus 로고
    • A system dynamics model of cyclical office oversupply
    • Kummerow, M. (1999). A system dynamics model of cyclical office oversupply. Journal of Real Estate Research, 18(1), 233-255.
    • (1999) Journal of Real Estate Research , vol.18 , Issue.1 , pp. 233-255
    • Kummerow, M.1
  • 24
  • 25
    • 34248522415 scopus 로고    scopus 로고
    • A cautiously optimistic outlook
    • McAneny, D., Han, J., & Gallagher, M. (2001). A cautiously optimistic outlook. Mortgage Banking, 61(5), 4-13.
    • (2001) Mortgage Banking , vol.61 , Issue.5 , pp. 4-13
    • McAneny, D.1    Han, J.2    Gallagher, M.3
  • 27
    • 84925896961 scopus 로고
    • An asymptotic theory of growth under uncertainty
    • Merton, R. C. (1975). An asymptotic theory of growth under uncertainty. Review of Economic Studies, 42, 375-393.
    • (1975) Review of Economic Studies , vol.42 , pp. 375-393
    • Merton, R.C.1
  • 28
    • 0346465837 scopus 로고    scopus 로고
    • Real estate rental growth rates at different points in the physical market cycle
    • Mueller, G. R. (1999). Real estate rental growth rates at different points in the physical market cycle. Journal of Real Estate Research, 18(1), 131-150.
    • (1999) Journal of Real Estate Research , vol.18 , Issue.1 , pp. 131-150
    • Mueller, G.R.1
  • 29
    • 0040182402 scopus 로고    scopus 로고
    • Cooperation in repeated games when the number of stages in not commonly known
    • Neyman, A. (1999). Cooperation in repeated games when the number of stages in not commonly known. Econometrica, 67, 45-64.
    • (1999) Econometrica , vol.67 , pp. 45-64
    • Neyman, A.1
  • 31
    • 3543016490 scopus 로고    scopus 로고
    • On setting apartment rental rates: A regression-based approach
    • Pagliari Jr., J. L., & Webb, J. R. (1996). On setting apartment rental rates: A regression-based approach. Journal of Real Estate Research, 12(1), 37-61.
    • (1996) Journal of Real Estate Research , vol.12 , Issue.1 , pp. 37-61
    • Pagliari Jr., J.L.1    Webb, J.R.2
  • 32
    • 49149148306 scopus 로고
    • Collusive behavior in non-cooperative Epsilon-Equilibria in oligopolies with long but finite lives
    • Radner, R. (1980). Collusive behavior in non-cooperative Epsilon-Equilibria in oligopolies with long but finite lives. Journal of Economic Theory, 22, 136-154.
    • (1980) Journal of Economic Theory , vol.22 , pp. 136-154
    • Radner, R.1
  • 33
    • 84984061413 scopus 로고
    • Advertising and natural vacancies in rental housing markets
    • Read, C. (1988). Advertising and natural vacancies in rental housing markets. AREUEA Journal, 16(4), 354-363.
    • (1988) AREUEA Journal , vol.16 , Issue.4 , pp. 354-363
    • Read, C.1
  • 34
    • 0003074292 scopus 로고    scopus 로고
    • The economic consequences of regulatory taking risk on land value and development activity
    • Riddiough, T. J. (1997). The economic consequences of regulatory taking risk on land value and development activity. Journal of Urban Economics, 41, 56-77.
    • (1997) Journal of Urban Economics , vol.41 , pp. 56-77
    • Riddiough, T.J.1
  • 35
    • 0022213282 scopus 로고
    • Urban land prices under uncertainly
    • Titman, S. (1985). Urban land prices under uncertainly. American Economic Review, 75, 505-514.
    • (1985) American Economic Review , vol.75 , pp. 505-514
    • Titman, S.1
  • 36
    • 0034378489 scopus 로고    scopus 로고
    • Overbuilding: A game-theoretic approach
    • Wang, K., & Zhou, Y. (2000). Overbuilding: A game-theoretic approach. Real Estate Economics, 28(3), 493-522.
    • (2000) Real Estate Economics , vol.28 , Issue.3 , pp. 493-522
    • Wang, K.1    Zhou, Y.2
  • 37
    • 33645048199 scopus 로고    scopus 로고
    • Equilibrium real options exercise strategies with multiple players: The case of real estate markets
    • Wang, K., & Zhou, Y. (2006). Equilibrium real options exercise strategies with multiple players: The case of real estate markets. Real Estate Economics, 34(1), 1-49.
    • (2006) Real Estate Economics , vol.34 , Issue.1 , pp. 1-49
    • Wang, K.1    Zhou, Y.2
  • 39
    • 21344480326 scopus 로고
    • Equilibrium and options on real assets
    • Williams, J. T. (1993). Equilibrium and options on real assets. Review of Financial Studies, 6, 825-850.
    • (1993) Review of Financial Studies , vol.6 , pp. 825-850
    • Williams, J.T.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.