지원사업
학술연구/단체지원/교육 등 연구자 활동을 지속하도록 DBpia가 지원하고 있어요.
커뮤니티
연구자들이 자신의 연구와 전문성을 널리 알리고, 새로운 협력의 기회를 만들 수 있는 네트워킹 공간이에요.
초록· 키워드
오류제보하기
Purpose - Aging and fewer economically active people have challenged the assumption of continuous population increases. A new real estate valuation methodology reflecting changes in population structure is thus needed.
Research design, data, and methodology - The relationship between demographic change and changes in real estate prices is analyzed using ordinary least squares (OLS) to estimate the parameters, and a population structure change (PSC)-Binomial Option Model is developed to assess the volatility of the estimated parameters. Results based on Seoul and Shanghai data are compared.
Results - Results of the DCF method indicate that investing in Seoul is better than investing in Shanghai, but the binomial option indicates the opposite. The PSC-binomial option model, reflecting changes in population structure, yields higher values (24.6 million won in Seoul and 43.3 million won in Shanghai) than those given by the binomial option model.
Conclusions - This study indicates that applying changes in population structure to existing research, such as in the binomial option model, represents a more accurate real estate valuation method. Results demonstrate that the new model is more accurate than existing models such as the DCF or binomial option.
목차
등록된 정보가 없습니다.
참고문헌 (29)
참고문헌 신청
[학술지(정기간행물
Amram, M. / 1999 / Real Options: Managing Strategic Investment in an Uncertain World / Harvard Business School Press
Black, F. / 1973 / The pricing of options and corporate liabilities / Journal of Political Economy 81 : 637 ~ 654
Bulan, L. / 2009 / Irreversible investment, real options, and competition : Evidence from real estate development / Journal of Urban Economics 65 (3) : 237 ~ 251
Capozza, D. R. / 2002 / Determinants of real house price dynamics
Amram, M. / 1999 / Real Options: Managing Strategic Investment in an Uncertain World / Harvard Business School Press
Black, F. / 1973 / The pricing of options and corporate liabilities / Journal of Political Economy 81 : 637 ~ 654
Bulan, L. / 2009 / Irreversible investment, real options, and competition : Evidence from real estate development / Journal of Urban Economics 65 (3) : 237 ~ 251
Capozza, D. R. / 2002 / Determinants of real house price dynamics
이 논문의 저자 정보
최근 본 자료
댓글(0)
0