In this study,we develop and empirically test a valuation model for a commonly encountered option in office leases:a tenant’s option to renew at future market rent(a fair market value)with lease termination as the ma...In this study,we develop and empirically test a valuation model for a commonly encountered option in office leases:a tenant’s option to renew at future market rent(a fair market value)with lease termination as the maturity date.The model integrates decision analysis with real options analysis and market risk with private risks.“Option value”is defined as the private value of the option to either party pre-contract,while“option price”assumes a fair agreement between transacting parties and can be positive(rental premium paid)or negative(rental discount offered).Without manifest expectations,an analysis of a sample of office leases supports the model’s logic with price estimates in a practical range.The tenants’option price/value is shown to have a negative relationship with the original/renewal lease term;conversely,the landlords’option value is positively related to the original/renewal term.Comparative analyses show that transaction costs have a positive effect on tenants’option value and on prices,while vacancy costs and the vacancy period are both positively related to the landlords’option value and negatively related to price.Market rent is found to have a negative relationship with option price.Overall,this study provides a theoretical analysis and empirical tests of the value of a real option that allows option holders to renew/extend their contracts at a fair market value.展开更多
Mountain ecosystem provides numerous vital ecosystem services(ESs)to the people residing within or near the mountains worldwide.The mountains provide services such as timber,fibre,fodder,fuelwood,medicine,aesthetic,re...Mountain ecosystem provides numerous vital ecosystem services(ESs)to the people residing within or near the mountains worldwide.The mountains provide services such as timber,fibre,fodder,fuelwood,medicine,aesthetic,recreation,ritual,and religion,and many other services that are vital for the maintenance of the ecosystem.The mountains of Barsoo and Tai-Suru regions in Kargil District are much familiar for their ESs supply,and the residents have utilized these services for years.The present study was focused on the provisioning ESs.We used a random sample approach for household selection and data collection regarding the pre-prepared questionnaire;the number of households was obtained from government census data.The primary ESs(identified by more than 40%of the respondents)were assessed through the direct market valuation method.The direct market valuation method produced an overwhelming value,specifically for grazing and fodder services in both regions of the study area.Results showed that grazing service was valued at 482,346.43 USD/a for Barsoo region and 1,458,099.04 USD/a for Tai-Suru region.Similarly,fodder service of Barsoo and Tai-Suru regions corresponded to values of 69,833.61 and 110,886.06 USD/a,respectively.On the other hand,food service of Barsoo and Tai-Suru regions was valued at 2601.04 and 2969.90 USD/a,respectively,and medicinal service was valued at 757.39 and 4430.94 USD/a in Barsoo and Tai-Suru regions,respectively.In addition,the regions were economically backwards,and the resident’s survival and well-being relied on the mountain ESs.Therefore,it is not possible for the residents to pay services replacement costs if the services need to replace by other means.Unfortunately,such mountain ecosystem is highly prone to climate change and other human activities that would negatively impact the ecosystem functions.Therefore,this study would be helpful for the policymakers of the region to draft any developmental plan/framework by integrating the value of ESs that would be the key to achieving sust展开更多
估算农地资源的非市场价值,将其纳入资源成本核算体系,不仅能够弥补市场机制作用不足给农地城市流转决策带来的影响,而且通过提高土地资源农业利用的比较效益,能够起到缓解农地流失的作用。运用条件价值评估法对武汉市不同类型农地的非...估算农地资源的非市场价值,将其纳入资源成本核算体系,不仅能够弥补市场机制作用不足给农地城市流转决策带来的影响,而且通过提高土地资源农业利用的比较效益,能够起到缓解农地流失的作用。运用条件价值评估法对武汉市不同类型农地的非市场价值进行估算,在对471份有效问卷进行统计分析后的研究表明:(1)随着农地保护意识的增强,武汉居民已经意识到农地资源非市场价值的存在,83.65%的受访居民对农地保护有正的支付意愿;(2)从居民参与农地保护的支付意愿(Willingness to pay,WTP)出发,全市居民每年保护农地的支付意愿总价值为30.0035×108元,折合单位hm2农地的非市场价值为116154元;(3)从农民作为农地保护执行主体参与农地保护、接受政府补偿(willingness to accept,WTA)的角度出发,农地非市场价值16447.57元/hm2,是目前国家鼓励农民种植粮食作物发放补贴(中稻225元/(hm.2a-1),折合无限年期价值4978元/hm2)的3.30倍;(4)从城市居民作为农地保护的间接受益者,假设城市周边农地被城市建设用地征收后带来环境损失,城市居民为接受征地计划、家庭每年愿意接受政府补偿(willingness to accept,WTA)的角度出发,平均每户家庭年均需要接受政府补偿8612元,按当前城市居民户数计算,全市城市居民每年对农地损失的受偿接受金额为109.5685×108元,折合单位hm2农地非市场价值42.42×104元。展开更多
基金research grants(P0030199 and P0038209)from the Hong Kong Polytechnic University。
文摘In this study,we develop and empirically test a valuation model for a commonly encountered option in office leases:a tenant’s option to renew at future market rent(a fair market value)with lease termination as the maturity date.The model integrates decision analysis with real options analysis and market risk with private risks.“Option value”is defined as the private value of the option to either party pre-contract,while“option price”assumes a fair agreement between transacting parties and can be positive(rental premium paid)or negative(rental discount offered).Without manifest expectations,an analysis of a sample of office leases supports the model’s logic with price estimates in a practical range.The tenants’option price/value is shown to have a negative relationship with the original/renewal lease term;conversely,the landlords’option value is positively related to the original/renewal term.Comparative analyses show that transaction costs have a positive effect on tenants’option value and on prices,while vacancy costs and the vacancy period are both positively related to the landlords’option value and negatively related to price.Market rent is found to have a negative relationship with option price.Overall,this study provides a theoretical analysis and empirical tests of the value of a real option that allows option holders to renew/extend their contracts at a fair market value.
基金financially supported by the Council of Scientific and Industrial Research,New Delhi,Government of India in the form of the Junior Research Fellowship(CSIR-JRF)(09/135(0884)/2019-EMR-I)the second author is also funded by the University Grants Commission(UGC),New Delhi,Government of India in the form of Junior Research Fellowship(UGC-JRF)[UGC Ref.No.:453/(CSIR-UGC NET DEC.2018)]。
文摘Mountain ecosystem provides numerous vital ecosystem services(ESs)to the people residing within or near the mountains worldwide.The mountains provide services such as timber,fibre,fodder,fuelwood,medicine,aesthetic,recreation,ritual,and religion,and many other services that are vital for the maintenance of the ecosystem.The mountains of Barsoo and Tai-Suru regions in Kargil District are much familiar for their ESs supply,and the residents have utilized these services for years.The present study was focused on the provisioning ESs.We used a random sample approach for household selection and data collection regarding the pre-prepared questionnaire;the number of households was obtained from government census data.The primary ESs(identified by more than 40%of the respondents)were assessed through the direct market valuation method.The direct market valuation method produced an overwhelming value,specifically for grazing and fodder services in both regions of the study area.Results showed that grazing service was valued at 482,346.43 USD/a for Barsoo region and 1,458,099.04 USD/a for Tai-Suru region.Similarly,fodder service of Barsoo and Tai-Suru regions corresponded to values of 69,833.61 and 110,886.06 USD/a,respectively.On the other hand,food service of Barsoo and Tai-Suru regions was valued at 2601.04 and 2969.90 USD/a,respectively,and medicinal service was valued at 757.39 and 4430.94 USD/a in Barsoo and Tai-Suru regions,respectively.In addition,the regions were economically backwards,and the resident’s survival and well-being relied on the mountain ESs.Therefore,it is not possible for the residents to pay services replacement costs if the services need to replace by other means.Unfortunately,such mountain ecosystem is highly prone to climate change and other human activities that would negatively impact the ecosystem functions.Therefore,this study would be helpful for the policymakers of the region to draft any developmental plan/framework by integrating the value of ESs that would be the key to achieving sust
文摘估算农地资源的非市场价值,将其纳入资源成本核算体系,不仅能够弥补市场机制作用不足给农地城市流转决策带来的影响,而且通过提高土地资源农业利用的比较效益,能够起到缓解农地流失的作用。运用条件价值评估法对武汉市不同类型农地的非市场价值进行估算,在对471份有效问卷进行统计分析后的研究表明:(1)随着农地保护意识的增强,武汉居民已经意识到农地资源非市场价值的存在,83.65%的受访居民对农地保护有正的支付意愿;(2)从居民参与农地保护的支付意愿(Willingness to pay,WTP)出发,全市居民每年保护农地的支付意愿总价值为30.0035×108元,折合单位hm2农地的非市场价值为116154元;(3)从农民作为农地保护执行主体参与农地保护、接受政府补偿(willingness to accept,WTA)的角度出发,农地非市场价值16447.57元/hm2,是目前国家鼓励农民种植粮食作物发放补贴(中稻225元/(hm.2a-1),折合无限年期价值4978元/hm2)的3.30倍;(4)从城市居民作为农地保护的间接受益者,假设城市周边农地被城市建设用地征收后带来环境损失,城市居民为接受征地计划、家庭每年愿意接受政府补偿(willingness to accept,WTA)的角度出发,平均每户家庭年均需要接受政府补偿8612元,按当前城市居民户数计算,全市城市居民每年对农地损失的受偿接受金额为109.5685×108元,折合单位hm2农地非市场价值42.42×104元。
