遠期市場下不動產定價模型的延伸

An Extension to Shyy's 'Real Estate Pricing in a Forward Market'

本文應用複式選擇權（Copoung Option）概念延伸史綱（1992）的房地產定價模型。首先，以簡單套利推論（Arbitrage Argument）聯結預售屋與成屋價格之關係來檢視史綱模型。然後，應用複式選擇權來評估買者的買權（buyeer's call option）因而導出比史綱更一般化的預售屋定價模型。

By applying the compound option, this note extends Shyy's (1992) model to price real estate in a forward market. First, I critically review Shyy's model using simple arbitrage arguments to relate the presales and existing house prices. ~hen, I apply the compound option model to evaluate the buyer's call option and hence derive the generalized version of Shyy's pricing model for the pre-sales housing.