Community banks seem to have the most to fear about the state of commercial real estate today. The problems with these loans, however, shouldn't derail the entire economy.

Remarks for the Urban Land Institute at the Emerging Trends in Real Estate Conference, Atlanta, Georgia, November 10, 2009

The scale of the recent collapse in asset values and the magnitude of the recession suggest that activities connected to the increase in values over the 2002-07 period--notably, expansion of the financial markets, homebuilding, and real estate--were overstated. If this is true, aggregate U.S....

This paper contributes to a fast growing literature which introduces game theory in the analysis of real option investments in a competitive setting. Specifically, in this paper we focus on the issue of multiple equilibria and on the implications that different equilibrium selections may have...