The Real Estate Pricing Puzzle
指出当前房地产定价的现状类似于资本资产定价模型（CAPM）发展前的证券定价，现有模型难以胜任，问题不仅限于数据不足。
The state‐of‐the‐art with respect to pricing real estate is similar to that with respect to pricing securities just prior to the development of the CAPM. Reading the entrails of real estate markets, however, has proven a formidable task, and the problem is not limited to inadequate data. Perhaps the most important lesson to date is that available pricing models are not up to the task.