• 1 Introduction
  • 2 Institutional Design
  • 3 Theoretical Framework
  • 3.1 Overview and Description of theModel
  • 3.2 The Basic Model: Optimal Incentive-Compatible Solution and ItsImplementation
  • 3.3 The Usefulness of the Modelling Structure in Analyzing Open EndReal Estate Funds
  • 4 Modifications of the Basic Model
  • 4.1 Costly Liquidation and the Efficiency of the Run Mechanism
  • 4.2 Trading of Real Estate Assets and the Efficiency of the Run Mechanism
  • 4.3 Moral Hazard Problems and the Efficiency of the Run Mechanism
  • 5 Conclusions