Clapp, John M.; Bardos, Katsiaryna Salavei; Wong, S.K. - In: Regional Science and Urban Economics 42 (2012) 1-2, pp. 240-256
This paper presents and validates a novel empirical approach for measuring the value of the option to redevelop using a standard hedonic dataset. Our analysis generalizes the standard hedonic model to account for the option value of reconfiguring hedonic characteristics. We test this model with...