The Pricing of Land Options
将股票期权估值原理应用于土地购买期权定价，分析固定土地期权与股票看涨期权的相似性，并探讨更复杂土地期权的估值方法。
Valuation principles which have been found useful in the study of stock options are applied to the pricing of options to purchase real property ('land options'). There is a close similarity between fixed land options and call options on common stock. This similarity is used to saggest ways in which fixed land options might be valued. More complex land options (step-up, full credit and renewable) are also analyzed.