遠期市場下不動產定價模型的延伸An Extension to Shyy's '"Real Estate Pricing in a Forward Market"

本文應用複式選擇權(CopoungOption)概念延伸史網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檢視史網模型。然後,應用複式選擇權來評估買者的買權(buyeer'scalloption)因而導出比史網更一般化的頂售屋定賞模型。
(關健詞:預售屋、複式選擇權、套利推論、買者的買權)

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 pre-salcs 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.
(Keywords: Pre-sales House, Compound Option, Arbitrage Argument, Buyer's Call Option)