Optimal land-for-property real exchange options

IF 1.8 4区经济学 Q2 ECONOMICS

Economics Letters Pub Date : 2025-10-16 DOI:10.1016/j.econlet.2025.112654

Duarte Moura , Paulo J. Pereira

引用次数: 0

Abstract

This paper develops a real options framework to analyze land-for-property exchange agreements under uncertainty, focusing on the effects of bargaining power and impatience. We show that while bargaining power reallocates value without altering investment timing, impatience leads to earlier investment and destroys surplus, affecting only the impatient party. These findings underscore the importance of incorporating time preferences and negotiation dynamics in the design of incentive-compatible development contracts.

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土地换财产的最优实物交换方案

本文建立了一个实物期权框架来分析不确定性条件下的土地换财产协议，重点研究了议价能力和不耐烦的影响。研究表明，议价能力在不改变投资时机的情况下重新分配价值，但缺乏耐心导致投资提前并破坏剩余，仅影响缺乏耐心的一方。这些发现强调了将时间偏好和谈判动态纳入激励相容开发合同设计的重要性。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Economics Letters ECONOMICS-

CiteScore

3.20

自引率

5.00%

发文量

348

审稿时长

30 days

期刊介绍： Many economists today are concerned by the proliferation of journals and the concomitant labyrinth of research to be conquered in order to reach the specific information they require. To combat this tendency, Economics Letters has been conceived and designed outside the realm of the traditional economics journal. As a Letters Journal, it consists of concise communications (letters) that provide a means of rapid and efficient dissemination of new results, models and methods in all fields of economic research.