摘要
在几何布朗运动假设基础上利用实物期权方法分析了不确定环境下农业用地向城市用地转化问题,得到了地价结构函数,同时利用首次达到时间理论分析了这一问题的可达性,并进行了比较静态分析,最后通过在转化开发前后征收不同税率分析了税收对土地转化和地价的影响.研究加深了我们对土地转化开发中的各种经济现象的理解和认识,并为房地产开发中的科学决策提供了理论支持.
This paper applies a real options approach to analyze the development decision to convert land from agricultural to urban use by assuming a geometric Brownian motion under uncertainty. We deduce the structure function of land pries, and then we apply the first passage time approach to analyze the passage problem of the conversion threshold. We also make a comparative-static analysis. Moreover, we extend the land conversion model by allowing for differential tax rates before and after development. As a result, this research can be used to analyze and explain many actual real estate development phenomena, and help us to make scientific decisions.
出处
《数学的实践与认识》
CSCD
北大核心
2009年第13期56-64,共9页
Mathematics in Practice and Theory
基金
杭州电子科技大学科研启动项目(KYS025608044)
关键词
实物期权
土地转化
开发决策
首次到达时间
税率
real options
land conversion
development decision
the first passage time
tax rate
