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    政大機構典藏 > 商學院 > 財務管理學系 > 期刊論文 >  Item 140.119/150733


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    題名: Does High-end Housing Always Have a Premium Luxury Value? A Theoretical and Numerical Study
    作者: 陳明吉
    Chen, Ming-Chi;Hung, Chih-Hsing;Tzang, Shyh-Weir;Cheng, Chung-Chieh
    貢獻者: 財管系
    關鍵詞: luxury value;high-end housing;luxury premium;high-end housing value;real options
    日期: 2023-11
    上傳時間: 2024-04-11
    摘要: Using the real options approach, we try to evaluate the luxury value inherent in high-end housing and estimate its premium returns based on the simulation of the model. The key finding of the paper is that the luxury premium from the value of the high-end housing can be identified by the real options model, which is rarely documented in the literature. In addition, the luxury value per unit size of high-end housing can be imputed through the model simulation. Based on the results, we find that the changes of the estimated value per unit size can explain the dynamic housing market behaviour in the recessions and expansions over the business cycle. The luxury value will even become negative during the recession period. In summary, the luxury premiums of high-end housing are higher than those of general housing, but not all highend housing has positive luxury premiums. If sellers and/or builders of high-end housing cannot meet the conditions that maximize the utility of high-end housing buyers, negative returns will accrue from selling high-end housing.
    關聯: International Journal of Strategic Property Management, Vol.27, No.4, pp.246-260
    資料類型: article
    DOI 連結: https://doi.org/10.3846/ijspm.2023.20257
    DOI: 10.3846/ijspm.2023.20257
    顯示於類別:[財務管理學系] 期刊論文

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