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Aka, A, Isah, A D, Eze, C J and Timileyin, O (2019) Application of lean manufacturing tools and techniques for waste reduction in Nigerian bricks production process. Engineering, Construction and Architectural Management, 27(03), 658–79.

Andary, E G, Abi Shdid, C, Chowdhury, A and Ahmad, I (2019) Integrated project delivery implementation framework for water and wastewater treatment plant projects. Engineering, Construction and Architectural Management, 27(03), 609–33.

Ball, R (1999) Developers, regeneration and sustainability issues in the re-use of vacant industrial buildings. Building Research & Information, 27(03), 140–8.

Christodoulou, S E, Ellinas, G N and Aslani, P (2009) Disorder considerations in resource-constrained scheduling. Construction Management and Economics, 27(03), 229–40.

Golizadeh, H, Hosseini, M R, Martek, I, Edwards, D, Gheisari, M, Banihashemi, S and Zhang, J (2019) Scientometric analysis of research on “remotely piloted aircraft”. Engineering, Construction and Architectural Management, 27(03), 634–57.

Gravina da Rocha, C, El Ghoz, H B and Jr Guadanhim, S (2019) A model for implementing product modularity in buildings design. Engineering, Construction and Architectural Management, 27(03), 680–99.

Halliday, S, Beggs, C and Muneer, T (1999) Is solar air conditioning feasible?. Building Research & Information, 27(03), 149–64.

Hui, E C-M and Fung, H H-K (2009) Real estate development as real options. Construction Management and Economics, 27(03), 221–7.

  • Type: Journal Article
  • Keywords: real estate; real options
  • ISBN/ISSN: 0144-6193
  • URL: https://doi.org/10.1080/01446190902759017
  • Abstract:
    One of the recent advances in property valuation is to view a property or the right to develop it as a call option. Shilling et al. (1985) were among the first to apply option pricing theory in this way. For real estate development, although not explicitly said so in his paper, Titman (1985) was the first to treat vacant lots of land as options to wait to develop. A frequently cited paper by Quigg (1993) presents the first empirical effort to support the real option pricing point of view. The valuation framework of Quigg (1993) is in one sense a specialization and in another sense a generalization of the framework of Williams (1991). Unfortunately, the works of both Williams and Quigg are technically flawed, but surprisingly their errors have gone unnoticed for over 15 years and are still propagating in the literature (e.g. in Yamaguchi et al., 2000 and Patel and Paxson, 2001). In the following, we will first address the flaws of Quigg (1993). Then we will examine the problems in Williams' (1991) work. Finally, we will discuss some implications of the Williams-Quigg valuation framework.

Jia, Y A, Rowlinson, S, Kvan, T, Lingard, H C and Yip, B (2009) Burnout among Hong Kong Chinese architecture students: the paradoxical effect of Confucian conformity values. Construction Management and Economics, 27(03), 287–98.

Leiringer, R, Green, S D and Raja, J Z (2009) Living up to the value agenda: the empirical realities of through-life value creation in construction. Construction Management and Economics, 27(03), 271–85.

Liao, L, Teo Ai Lin, E and Low, S P (2019) Assessing building information modeling implementation readiness in building projects in Singapore. Engineering, Construction and Architectural Management, 27(03), 700–24.

Liu, Q, Ye, G and Feng, Y (2019) Workers’ safety behaviors in the off-site manufacturing plant. Engineering, Construction and Architectural Management, 27(03), 765–84.

Marsh, L E and Finch, E F (1999) Using portable datafiles in the construction supply chain. Building Research & Information, 27(03), 127–39.

Mwamila, B L M and Karumuna, B L (1999) Semi-prefabrication concrete techniques in developing countries. Building Research & Information, 27(03), 165–82.

Ping Ho, S, Lin, Y-H, Wu, H-L and Chu, W (2009) Empirical test of a model for organizational governance structure choices in construction joint ventures. Construction Management and Economics, 27(03), 315–24.

Pulket, T and Arditi, D (2009) Construction litigation prediction system using ant colony optimization. Construction Management and Economics, 27(03), 241–51.

Rodriguez, F S, Spilski, J, Hekele, F, Beese, N O and Lachmann, T (2019) Physical and cognitive demands of work in building construction. Engineering, Construction and Architectural Management, 27(03), 745–64.

Toor, S-U-R and Ofori, G (2009) Authenticity and its influence on psychological well-being and contingent self-esteem of leaders in Singapore construction sector. Construction Management and Economics, 27(03), 299–313.

Xu, Y and Turkan, Y (2019) BrIM and UAS for bridge inspections and management. Engineering, Construction and Architectural Management, 27(03), 785–807.

Yuan, J, Zeng, A Y, Skibniewski, M J and Li, Q (2009) Selection of performance objectives and key performance indicators in public–private partnership projects to achieve value for money. Construction Management and Economics, 27(03), 253–70.

Zarghami, S A and Gunawan, I (2019) A fuzzy-based vulnerability assessment model for infrastructure networks incorporating reliability and centrality. Engineering, Construction and Architectural Management, 27(03), 725–44.