Commercial Office Space: Testing the Implications of Real Options Models with Competitive Interactions
检验了具有竞争互动的实物期权模型对商业房地产开发的预测，发现当地开发商竞争越激烈，建筑开工越多，且竞争会削弱波动性对开发延迟的影响。
We test the implications of real option pricing models with competitive interactions for commercial real estate development. The competitive nature of a local commercial real estate market relies on a Herfindahl ratio derived from individual developers' shares of total office construction in their market. All else being equal, greater competition among local developers is associated with more building starts. Other variables suggested by the real options pricing model, including the volatility of local lease rates, are also found to be statistically important. In addition, we provide evidence consistent with greater competition attenuating the extent to which increases in volatility delay commercial real estate development.