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Timothy Riddiough. Yamazaki, Ritsuko, 1970- Massachusetts Institute of Technology. Dept. of Urban Studies and Planning. Massachusetts Institute of Technology. Department of Urban Studies and Planning a-ja--- 2012-05-15T21:07:27Z 2012-05-15T21:07:27Z 2000 2000 http://hdl.handle.net/1721.1/70732 47917770 Thesis (M.C.P.)--Massachusetts Institute of Technology, Dept. of Urban Studies and Planning, 2000. Includes bibliographical references (leaves 66-68). The purpose of this research is to examine the way uncertainty plays a role in built land prices. This paper provides basic real option pricing models of land prices on the demand side in central Tokyo. The model in this research analyzes micro land prices covering individual lot data provided by the Land Price Index. Since land prices are determined by both macro economic environment and micro lot-specific attributes, this paper utilizes both time-series economic data and cross-sectional lot-specific data. The model incorporates both time-series (macro) and cross-sectional (micro) data including uncertainty terms. In addition to the total uncertainty in asset prices, this research also gives some ideas of cross-sectional uncertainty in land price variations by utilizing cross-sectional amenity variables. These cross-sectional and time-series variables including these two uncertainty variables are pooled and the OLS method is conducted. The data set consists of 4,368 land price data from 1985 through 2000. The results from the option-based models favor the application of the real option theory in land prices. The total uncertainty with respect to built asset return has a substantial effect on increasing land prices, which implies that an increase in uncertainty leads to an increase in land prices. by Ritsuko Yamazaki. M.C.P. 68 leaves eng Massachusetts Institute of Technology M.I.T. theses are protected by copyright. They may be viewed from this source for any purpose, but reproduction or distribution in any format is prohibited without written permission. See provided URL for inquiries about permission. http://dspace.mit.edu/handle/1721.1/7582 Urban Studies and Planning. Empirical testing of real option-pricing models using land price index in Japan Thesis application/pdf false Publication unknown unknown <Publication xmlns="https://www.openaire.eu/cerif-profile/1.1/" id="baec1fe3-3353-48f9-8eb4-4a19ff65a0eb"> <Type xmlns="https://www.openaire.eu/cerif-profile/vocab/COAR_Publication_Types">http://purl.org/coar/resource_type/c_1843</Type> <Language>eng</Language> <Title>Empirical testing of real option-pricing models using land price index in Japan</Title> <PublishedIn> <Publication> </Publication> </PublishedIn> <PublicationDate>2000</PublicationDate> <Authors> <Author> <DisplayName>Yamazaki, Ritsuko, 1970-</DisplayName> <Affiliation> <OrgUnit> </OrgUnit> </Affiliation> </Author> </Authors> <Editors> </Editors> <Publishers> <Publisher> <DisplayName>Massachusetts Institute of Technology</DisplayName> <OrgUnit /> </Publisher> </Publishers> <License>http://dspace.mit.edu/handle/1721.1/7582</License> <Keyword>Urban Studies and Planning.</Keyword> <Abstract>The purpose of this research is to examine the way uncertainty plays a role in built land prices. This paper provides basic real option pricing models of land prices on the demand side in central Tokyo. The model in this research analyzes micro land prices covering individual lot data provided by the Land Price Index. Since land prices are determined by both macro economic environment and micro lot-specific attributes, this paper utilizes both time-series economic data and cross-sectional lot-specific data. The model incorporates both time-series (macro) and cross-sectional (micro) data including uncertainty terms. In addition to the total uncertainty in asset prices, this research also gives some ideas of cross-sectional uncertainty in land price variations by utilizing cross-sectional amenity variables. These cross-sectional and time-series variables including these two uncertainty variables are pooled and the OLS method is conducted. The data set consists of 4,368 land price data from 1985 through 2000. The results from the option-based models favor the application of the real option theory in land prices. The total uncertainty with respect to built asset return has a substantial effect on increasing land prices, which implies that an increase in uncertainty leads to an increase in land prices.</Abstract> <Access xmlns="http://purl.org/coar/access_right" > </Access> </Publication>