부동산개발 실물옵션에 대한 이론적 고찰

This paper provides an analytical framework for real options in real estate development. It has two contributions to the literature on real options in real estate development. First, the paper provides an extensive literature review on previous studies. The review contains both discrete and continuous models, providing insights on both domestic and foreign studies. Second, the paper has a new strategy for the derivation of the value of an option on real estate development. The options valuation in real estate development is expected to distinguished from the options valuation in traditional finance, as real estate developments have unique features that make investments in real estate different from those in corporate finance. The paper proposes an underlying asset process, which allows negative cash flows from a real estate development project.