An Extension to Shyy's "Real Estate Pricing in a Forward Market"

遠期市場下不動產定價模型的延伸

黃達業(Dar-Yeh Hwang)

《住宅學報》 5期 (1997/01) Pp. 51-56

摘要

本文應用複式選擇權(Copoung Option)概念延伸史綱(1992)的房地產定價模型。首先，以簡單套利推論(Arbitrage Argument)聯結預售屋與成屋價格之關係來檢視史網模型。然後，應用複式選擇權來評估買者的買權(buyeer's call option)因而導出比史綱更一般化的預售屋定價模型。

關鍵字

預售屋 ； 複式選擇權 ； 套利推論 ； 買者的買權

並列摘要

By applying the compound option, this note extends Shyy's (1992) model to price real estate in a forward market. First, I critically review Shyy's model using simple arbitrage arguments to relate the presales and existing house prices. Then, I apply the compound option model to evaluate the buyer's call option and hence derive the generalized version of Shyy's pricing model for the pre-sales housing.

並列關鍵字

Pre-sales House ； Compound Option ； Arbitrage Argument ； Buyer's Call Option