Hui, Eddie Chi-Man; Fung, Hankel Hon-Kwok - In: Construction Management and Economics 27 (2009) 3, pp. 221-227
One of the recent advances in property valuation is to view a property or the right to develop it as a call option. Shilling et al. (1985) were among the first to apply option pricing theory in this way. For real estate development, although not explicitly said so in his paper, Titman (1985) was...