Please use this identifier to cite or link to this item: http://scholarbank.nus.edu.sg/handle/10635/14018
Title: Optimal real estate development in a competitive market with effects of externalities and developers' reputation
Authors: DONG ZHI
Keywords: Optimal Payoff, Reputational Strength, Externality, Competitive Development Strategies, Real Estate Development Options, Reputation Premium
Issue Date: 27-May-2004
Source: DONG ZHI (2004-05-27). Optimal real estate development in a competitive market with effects of externalities and developers' reputation. ScholarBank@NUS Repository.
Abstract: When making real estate development decisions, developers would rely on not only the general market conditions at a macroeconomic level but also the specific market conditions, such as externalities of neighbourhood properties and competitorsa?? reputational strength. However, the effects of developersa?? reputational strength and neighbourhood externalities on strategic real estate development decisions have been omitted in the earlier literature. This study proposes strategic decision models in both a deterministic and a stochastic framework to examine the effects of neighbourhood externalities and developersa?? reputational strength on strategic development decisions. Results reveal that externalities and developersa?? reputation positively influence development decisions. The study also empirically tests reputation premiums in residential property new sale prices using actual transaction data in Singapore. Findings show that developers earn premiums on their reputation.
URI: http://scholarbank.nus.edu.sg/handle/10635/14018
Appears in Collections:Master's Theses (Open)

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