Valuing Depreciable Real Estate: A New Methodology
提出一种新方法，利用动态规划同时确定收入型不动产在其经济寿命内的价格路径和所有者的最优持有期，解决了以往无法内生化未来转售价格和持有期的问题。
The same factors that determine the current market price of a property also determine the price of a future investor will pay for that property. Previous researchers had no means available to endogenize future resale prices and future optimal holding periods. Using dynamic programming, we simultaneously determine both a price path and the corresponding optimal holding periods for all owners during the economic life of an income‐producing property. The model can be extended to the problem of estimating real rent patterns from observed patterns of used property prices.