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Urban Studies, Vol. 21, No. 3, 317-323 (1984)
DOI: 10.1080/00420988420080571
© 1984 Urban Studies Journal Limited

Notes

The Pricing of Land Options

Robert L. Brown

Faculty of Economics and Politics, Monash University, Melbourne, Australia

Dominique Achour

Faculté des Sciences de l'Administration, Université Laval, Québec. Canada

Valuation principles which have been found useful in the study of stock options are applied to the pricing of options to purchase real property ('land options'). There is a close similarity between fixed land options and call options on common stock. This similarity is used to saggest ways in which fixed land options might be valued. More complex land options (step-up, full credit and renewable) are also analyzed.


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L.M. Farrell
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Urban Stud, December 1, 1988; 25(6): 507 - 519.
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