We develop a theoretical model of house market disequilibrium. Price and quantity adjustments occur as the consequence of inventory adjustment in the absence of a market maker. This approach reveals a process of dynamic adjustment whereby sellers alter their reservation prices in response to...

"We develop a theoretical model of illiquidity, in which illiquid assets are being traded by two agents -- buyers and sellers. Illiquidity is defined as the expected time it takes a seller to sell his asset at the optimal price. The theoretical model is developed in the context of transactions...

Kista is one of the largest workingarea in Sweden. It has a history of approximately 30 years. During this period the area has expand very much and has today an officespace of approximately 1 000 000 square meters. The area has had four periods of expansion, a slow expansion in the late 70’s...

In this clinical study, we examine the winnerís curse hypothesis that rational agents, in an auction setting, will impute an inverse relation between bids and price uncertainty and between bids and the level of competition. To accomplish same, we avail of a unique data set of 548 successful...

In this paper it is proposed that geographic information systems should be used to support decisions about urban management, development and qualification. The goal of the paper (which is based upon a project I am presently developing in Oporto University), stands upon the establishment of a...

A corporate real estate portfolio is constantly subject to changes. In order to keep up with these changes, a corporate real estate manager should focus more on ways to deal with future risks and uncertainties rather than finding solutions that are only valuable for todayís problem. This paper...

This paper reports the results of a research designed to assess the impact of Barcelonaís airport extension in terms of noise increase. A contingent valuation (CV) approach was carried out in order to extract the stated preference for noise reduction for a representative sample of neighbor...

Outsourcing of corporate real estate management is a long-established practice in the United States and, to a lesser extent, in Europe, Asia and Australia. While the imperatives for outsourcing have been widely studied, there has been little research into the nature of the working relationship...

REIT managers’ compensation structure typically provides a payment based alternatively on (i) “gross asset value� [GAV] or (ii) “net asset value� [NAV]. In addition, managers usually also gain a performance fee when REIT total return exceeds some minimum level.The...

The concept of market value is central to the valuation profession worldwide. Estimating market value remains the core professional activity of valuers and underpins much funding and investment decision-making. There is evidence however, that industry leaders are increasingly sceptical about the...