| 实物期权与土地开发决策模型 |
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| 引用本文： | 张金明,刘洪玉. 实物期权与土地开发决策模型[J]. 土木工程学报, 2004, 37(5): 92-95 |
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| 作者姓名： | 张金明 刘洪玉 |
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| 作者单位： | 清华大学房地产研究所 |
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| 摘 要： | 在不确定的市场条件下 ,土地开发是一种等待型实物期权 ,可以通过实物期权定价方法进行决策。本文重点探讨应用实物期权方法确定土地最佳开发时机的问题 ,通过分析土地开发特点 ,探讨在离散条件和连续条件下土地开发决策的思路和一般模型 ,并对模型应用条件进行分析。
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| 关 键 词： | 实物期权 土地开发 决策 |
| 文章编号： | 1000-131X(2004)05-0092-04 |
| 修稿时间： | 2003-04-15 |
REAL OPTION AND LAND DEVELOPMENT DEASION MODEL |
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| Zhang Jinming Liu Hongyu. REAL OPTION AND LAND DEVELOPMENT DEASION MODEL[J]. China Civil Engineering Journal, 2004, 37(5): 92-95 |
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| Authors: | Zhang Jinming Liu Hongyu |
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| Abstract: | Under uncertain investment circumstances,the land development should be regarded as a kind of call option,which can be deferred to maximize its expected value.In this paper,the optimal time of land development is determined using the real option approach.Through the analysis of the characteristics of land development,the idea and the general model of decision making have been provided,under discrete and continuous condition respectively.Finally,the terms for the model application are discussed in the paper. |
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| Keywords: | real options land development decision |
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