2014 Fiscal Year Final Research Report
The optimum timing of the real estate investment
| Project/Area Number |
24530321
|
|---|
| Research Category |
Grant-in-Aid for Scientific Research (C)
|
| Allocation Type | Multi-year Fund |
|---|
| Section | 一般 |
|---|
| Research Field |
Economic policy
|
|---|
| Research Institution | Meiji University |
|---|
Principal Investigator |
|
|---|
| Project Period (FY) |
2012-04-01 – 2015-03-31
|
| Keywords | 不動産市場 / 不動産開発 |
|---|
| Outline of Final Research Achievements |
In this study we make the analysis for the timing of the real estate investment. First, we develop the real option models in the duopoly market, where the income variables of the developed real estate are related to the geometric Brownian motion process. Second we consider how the timing of the investment for the real estate is affected by the asymmetry of information about the cost of development between the leader and the follower in the duopoly market. Using the our real option model, we show the relationship for the business cycle of real estate market, the asymmetry of information between the leader/the follower and the market condition. On the other hand, we make the price index and the cap rate model of real estate market of the centre of Tokyo for the numerical analysis of the real option models.
|
| Free Research Field |
不動産市場分析
|
