对使用实物期权定价模型评估房地产项目和合同的批评

Pete H. Oppenheimer Ph.D
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引用次数: 22

摘要

贴现现金流量(DCF)模型因使用风险折现率和对未来现金流量的主观估计而受到批评。此外,DCF模型不包括资本项目中隐含期权的估值。近年来,研究人员将实物期权定价模型应用于房地产项目和合同的评估。然而,在房地产项目中可能缺乏使用这些模型所需的假设和标准,这就提出了这些模型是产生更好的结果还是为最终用户带来更多不确定性的问题。本文综述了在房地产估价中应用实物期权模型的条件和方法。版权所有©2002 Henry Stewart Publications
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A critique of using real options pricing models in valuing real estate projects and contracts

Discounted cash flow (DCF) models have been criticised for using risky discount rates and subjective estimates of future cash flows. In addition, DCF models do not incorporate valuations of implicit options imbedded in capital projects. Recently, researchers have applied real options pricing models to evaluate real estate projects and contracts. However, the required assumptions and criteria for using these models may be absent in real estate projects, which raises the question whether these models produce better results or create more uncertainties for end users. This paper contains a review of the conditions and methods that have been proposed for applying real option models in real estate valuations. Copyright © 2002 Henry Stewart Publications

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