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作者

来源

来源 JOURNAL OF URBAN ECONOMICS,Vol.74,P.71-82

语言

英文

关键字

R1;R2;R3;Teardowns;Option value;Hedonic;Duration models;Semiparametic

作者单位

Department of Economics and Institute of Government and Public Affairs, University of Illinois, 1007 W. Nevada St., Urbana, IL 61801, USA"}]},{"#name":"affiliation","$":{"id":"aff2;Department of Economics, Lewis and Clark College, 0615 S.W. Palatine Hill Road, Portland, OR 97219, USA"}]},{"#name":"correspondence","$":{"id":"cor1;Department of Economics and Institute of Government and Public Affairs, University of Illinois, 1007 W. Nevada St., Urbana, IL 61801, USA"}]},"aff2":{"#name":"affiliation","$":{"id":"aff2;Department of Economics, Lewis and Clark College, 0615 S.W. Palatine Hill Road, Portland, OR 97219, USA"}]}},"correspondences":{"cor1":{"#name":"correspondence","$":{"id":"cor1

摘要

The introduction of uncertainty over the future price of structural capital into a model of teardowns implies a value to delaying the demolition vs. preservation decision, and that the market price of a redeveloped property may increase with its quantity of structural capital. Using data from an active teardown market, we test the model’s prediction that hedonic price function coefficients depend on the expected time between sale and demolition. As predicted, structural variables have significant effects on the sales prices of both teardown and non-teardown properties, and the effects are generally much larger the lower the estimated teardown probability.