Housing Bubble

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Optimal Valuation of Claims on Noisy Real Assets: Theory and an Application

49 pages, 484 KB

Paul D. Childs, Steven H. Ott, Timothy J. Riddiough

National Bureau Of Economic Research, Summer Institute 2002

A theory for valuing claims on noisy real assets is developed and applied. The dynamics for the best estimate of real asset value is examnined and an imperfectly competitive market for real estate development is used as an application.