On Option‐Pricing Models in Real Estate: A Critique
批评了房地产期权定价模型，指出在应用期权定价技术时需考虑房地产市场的制度和理论特殊性，对研究房地产决策如放弃、再融资等有参考价值。
This paper considers the problems peculiar to options on real estate, because of the special set of institutional factors influencing real estate markets. It is intended to serve as a reply to Johnson and Wofford [15] as well as provide an overall critique of option‐pricing models in a real estate context. Our major point is that a variety of real estate decisions, such as the abandonment decision, the option to refinance, or the option to exercise a contingent real estate purchase contract, may be modeled using option‐pricing techniques. However, both the theoretical and institutional aspects of real estate markets must be taken into account in both developing and applying option models in a real estate context.