確率論的直接還元モデルによる不動産の収益価格  [in Japanese] STOCHASTIC DIRECT CAPITALIZATION MODEL FOR REAL ESTATES  [in Japanese]

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Author(s)

Abstract

Applicability of dynamic discounted cash flow approach upon capitalization of real estates is inclusively investigated, and it was found that evaluation of the direct capitalization must be carried out analytically, since Monte Carlo simulation may not be employed because of time consuming due to a nonlinear stochastic cash flows involved in the mathematical derivation. This paper proposed an approximate analytical method of discounted cash flows based on a logarithm random walk process in order to evaluate the stochastic direct capitalization of real estates. Numerical results by the proposed method is verified by Monte Carlo simulation, and a good agreement was obtained. It is emphasized that the procedure is simple and the calculation is easy, because an analytical technique is used.

Journal

  • Journal of Architecture and Planning (Transactions of AIJ)

    Journal of Architecture and Planning (Transactions of AIJ) 72(614), 213-220, 2007

    Architectural Institute of Japan

References:  8

Codes

  • NII Article ID (NAID)
    110006242449
  • NII NACSIS-CAT ID (NCID)
    AN10438548
  • Text Lang
    JPN
  • Article Type
    journal article
  • ISSN
    1340-4210
  • NDL Article ID
    8694257
  • NDL Source Classification
    ZN1(科学技術--建設工学・建設業)
  • NDL Call No.
    Z16-107
  • Data Source
    CJP  NDL  NII-ELS  J-STAGE  AIJ 
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