This paper extends Bjork and Clapham (2002) model for pricing real estate index total return swaps. Our extension considers counterparty default risk within a first passage contingent claims model. We price total return swaps on property indices with different levels of default risk. We develop...

Drawing from Schumpeter's ideas on innovation, we investigate its co-evolutionary nature. We find that Schumpeterian forces of “creative destruction” and “creative accumulation” do not operate in separate domains but rather form a co-evolutionary process of innovation. Co-evolutionary...