The Application of Real Option Models on Evaluating Urban Land Readjustment Project
博士 === 國立高雄第一科技大學 === 管理研究所 === 100 === Traditional NPV approach shows there is no profit for land developers in most of the readjustment projects. However, land developers still flung themselves into the readjustment project. Such phenomenon raises a question that whether the traditional NPV approa...
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| Format: | Others |
| Language: | zh-TW |
| Published: |
2012
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| Online Access: | http://ndltd.ncl.edu.tw/handle/97861290595013975162 |
| Summary: | 博士 === 國立高雄第一科技大學 === 管理研究所 === 100 === Traditional NPV approach shows there is no profit for land developers in most of the readjustment projects. However, land developers still flung themselves into the readjustment project. Such phenomenon raises a question that whether the traditional NPV approach is appropriate in evaluating the land readjustment project and consequently motives this study. Using both the Binomial Option Pricing Model and the Real Option Model of Capozza and Li (2002), as well as the samples from Tzwhei and Wenshan land adjustment projects in Kaohsiung City, this study concludes that: (1) evaluations from either the Binomial Option Pricing Model or the Real Option Model are more stable and consistent than that from traditional NPV approach, (2) results from those two models suggest the two readjustments should be undertaken immediately and (3) the Binomial Option Pricing Model performs better than the Real Option Model does.
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