Studies of the term structure of interest rates try to explain the relationship between the yield to maturity on zero coupon bonds and their time to maturity. Over the years, many theoretical models have been developed to explain the stylized facts of U.S. Treasury yields; however, model...

Inclusionary housing policies enacted by municipal governments rely on a combination of legal mandates and economic incentives to encourage residential real estate developers to include affordable units in otherwise market-rate projects. These regulations provide a means of stimulating the...

The model presented in this paper utilizes and extends the real options framework to concurrently estimate optimal phasing and inventory decisions for large-scale residential development projects. Economies of scale in construction, pricing power, carrying costs, signaling effects, demand...

Land developers in select economic environments have been found to build in large increments and hold substantial amounts of inventory despite their ability to mitigate risk by phasing the production of residential lots. Such behavior was observed in numerous metropolitan areas throughout the...