Tsekrekos, Andrianos; Kanoutos, George - In: The Journal of Real Estate Finance and Economics 47 (2013) 1, pp. 152-168
This research is the first to examine the empirical predictions of a real option-pricing model on market values from the realty market of a Euro area country, namely Greece. Using a manually collected sample of land and property transaction prices, we demonstrate that, a model which incorporates...