The paper presents a theoretical model that seeks to answer the question of why former squatter settlements tend to upgrade/redevelop at a slower pace than otherwise similar settlements originating in the formal sector. We argue that squatter settlers' initial strategy to access urban land...

This paper examines how seller pricing decisions influence listing contract length and how these decisions affect price and liquidity in housing markets. Because list price affects broker effort required to sell the property, brokers respond to seller overpricing by increasing their desired...

Option theory offers a useful way of modeling land value under uncertainty. While this approach underlies much theoretical analysis, the unanswered question is, to what extent does the market value of land reflect this option value? This paper exploits a unique natural experiment to obtain the...

Changing demographics, growing real incomes, and friendly tax laws underlie the continuing growth in demand for recreational real estate in the US. The market for recreational property has undergone a major transformation over the past decades, with the refinement and deepening of markets for...

Loan-to-value ratio and debt service coverage ratios have long been viewed as the two important quantitative measures of the default risk of commercial mortgages. Option-based models of default provide strong theoretic support for the importance of original loan-to-value ratio. The same...

Given the significant role of real estate agents in the housing market, this study examines how agents' incentives regarding the size of their listing inventories indirectly affect residential home prices and liquidity. The theory shows that taking on additional inventory generates a critical...

The paper presents a theoretical model that seeks to answer the question of why former squatter settlements tend to upgrade/redevelop at a slower pace than otherwise similar settlements originating in the formal sector. We argue that squatter settlers' initial strategy to access urban land...