Residential Investment and Interest Rates: An Empirical Test of Land Development as a Real Option
基于Capozza-Li土地开发模型，利用1980年代住宅投资面板数据，检验了利率上升时投资可能增加的实物期权理论，发现25-50%的样本处于正响应区域。
In real options models, investment can increase under some conditions when interest rates rise. This research tests for these positive interest rate responses in the context of the Capozza–Li model of land development. In the model variable capital intensity is a sufficient condition for positive responses to interest rates that can occur when growth rates are high or uncertainty is high. The empirical analysis uses a panel data set on residential investment in the 1980s and finds that 25–50% of the sample lies in the positive response region.