a compound development option, where the developer begins with minimal control and maximum risk, and each successful … stage increases control and reduces risk. We solve the model analytically, provide three-dimensional numerical comparisons … implies that developers initiate the entitlement process early in order to counter uncontrollable delay and exogenous risk …

turn affect rent. By extending the theory of investment under uncertainty, we model the renter's decision to buy a house …

discretionary as in dividends on stocks. Housing price uncertainty can affect household property investment, which in turn affects … rent. By extending the theory of investment under uncertainty, we model the renter's decision to buy a house and the …