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Christodoulou, S E, Ellinas, G N and Aslani, P (2009) Disorder considerations in resource-constrained scheduling. Construction Management and Economics, 27(03), 229–40.

Hui, E C-M and Fung, H H-K (2009) Real estate development as real options. Construction Management and Economics, 27(03), 221–7.

Type: Journal Article
Keywords: real estate; real options
ISBN/ISSN: 0144-6193
URL: https://doi.org/10.1080/01446190902759017
Abstract:
One of the recent advances in property valuation is to view a property or the right to develop it as a call option. Shilling et al. (1985) were among the first to apply option pricing theory in this way. For real estate development, although not explicitly said so in his paper, Titman (1985) was the first to treat vacant lots of land as options to wait to develop. A frequently cited paper by Quigg (1993) presents the first empirical effort to support the real option pricing point of view. The valuation framework of Quigg (1993) is in one sense a specialization and in another sense a generalization of the framework of Williams (1991). Unfortunately, the works of both Williams and Quigg are technically flawed, but surprisingly their errors have gone unnoticed for over 15 years and are still propagating in the literature (e.g. in Yamaguchi et al., 2000 and Patel and Paxson, 2001). In the following, we will first address the flaws of Quigg (1993). Then we will examine the problems in Williams' (1991) work. Finally, we will discuss some implications of the Williams-Quigg valuation framework.

Jia, Y A, Rowlinson, S, Kvan, T, Lingard, H C and Yip, B (2009) Burnout among Hong Kong Chinese architecture students: the paradoxical effect of Confucian conformity values. Construction Management and Economics, 27(03), 287–98.

Leiringer, R, Green, S D and Raja, J Z (2009) Living up to the value agenda: the empirical realities of through-life value creation in construction. Construction Management and Economics, 27(03), 271–85.

Ping Ho, S, Lin, Y-H, Wu, H-L and Chu, W (2009) Empirical test of a model for organizational governance structure choices in construction joint ventures. Construction Management and Economics, 27(03), 315–24.

Pulket, T and Arditi, D (2009) Construction litigation prediction system using ant colony optimization. Construction Management and Economics, 27(03), 241–51.