Flexibility And Real Estate Valuation Under Uncertainty

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Flexibility and Real Estate Valuation under Uncertainty

David Geltner,Richard de Neufville
Flexibility and Real Estate Valuation under Uncertainty Book PDF

Author : David Geltner,Richard de Neufville
Publisher : John Wiley & Sons
Page : 256 pages
File Size : 52,9 Mb
Release : 2018-02-19
Category : Business & Economics
ISBN : 9781119106456

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Flexibility and Real Estate Valuation under Uncertainty by David Geltner,Richard de Neufville Pdf

Provides a revolutionary conceptual framework and practical tools to quantify uncertainty and recognize the value of flexibility in real estate development This book takes a practical "engineering" approach to the valuation of options and flexibility in real estate. It presents simple simulation models built in universal spreadsheet software such as Microsoft Excel®. These realistically reflect the varying and erratic sources of uncertainty and price dynamics that uniquely characterize real estate. The text covers new analytic procedures that are valuable for existing properties and enable a new, more profitable perspective on the planning, design, operation, and evaluation of large-scale, multi-phase development projects. The book thereby aims to significantly improve valuation and investment decision making. Flexibility and Real Estate Valuation under Uncertainty: A Practical Guide for Developers is presented at 3 levels. First, it introduces and explains the concepts underlying the approach at a basic level accessible to non-technical and non-specialized readers. Its introductory and concluding chapters present the important “big picture” implications of the analysis for economics and valuation and for project design and investment decision making. At a second level, the book presents a framework, a roadmap for the prospective analyst. It describes the practical tools in detail, taking care to go through the elements of the approach step-by-step for clarity and easy reference. The third level includes more technical details and specific models. An Appendix discusses the technical details of real estate price dynamics. Associated web pages provide electronic spreadsheet templates for the models used as examples in the book. Some features of the book include: • Concepts and tools that are simple and accessible to a broad audience of practitioners; • An approach relevant for all development projects; • Complementarity with the author's Commercial Real Estate Analysis & Investments—the most-cited real estate investments textbook on the market. Flexibility and Real Estate Valuation under Uncertainty: A Practical Guide for Developers is for everyone studying or concerned with the implementation of large-scale or multi-phase real estate development projects, as well as property investment and valuation more generally.

Flexibility and Real Estate Valuation under Uncertainty

David Geltner,Richard de Neufville
Flexibility and Real Estate Valuation under Uncertainty Book PDF

Author : David Geltner,Richard de Neufville
Publisher : John Wiley & Sons
Page : 260 pages
File Size : 49,7 Mb
Release : 2018-04-30
Category : Business & Economics
ISBN : 9781119106494

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Flexibility and Real Estate Valuation under Uncertainty by David Geltner,Richard de Neufville Pdf

Provides a revolutionary conceptual framework and practical tools to quantify uncertainty and recognize the value of flexibility in real estate development This book takes a practical "engineering" approach to the valuation of options and flexibility in real estate. It presents simple simulation models built in universal spreadsheet software such as Microsoft Excel®. These realistically reflect the varying and erratic sources of uncertainty and price dynamics that uniquely characterize real estate. The text covers new analytic procedures that are valuable for existing properties and enable a new, more profitable perspective on the planning, design, operation, and evaluation of large-scale, multi-phase development projects. The book thereby aims to significantly improve valuation and investment decision making. Flexibility and Real Estate Valuation under Uncertainty: A Practical Guide for Developers is presented at 3 levels. First, it introduces and explains the concepts underlying the approach at a basic level accessible to non-technical and non-specialized readers. Its introductory and concluding chapters present the important “big picture” implications of the analysis for economics and valuation and for project design and investment decision making. At a second level, the book presents a framework, a roadmap for the prospective analyst. It describes the practical tools in detail, taking care to go through the elements of the approach step-by-step for clarity and easy reference. The third level includes more technical details and specific models. An Appendix discusses the technical details of real estate price dynamics. Associated web pages provide electronic spreadsheet templates for the models used as examples in the book. Some features of the book include: • Concepts and tools that are simple and accessible to a broad audience of practitioners; • An approach relevant for all development projects; • Complementarity with the author's Commercial Real Estate Analysis & Investments—the most-cited real estate investments textbook on the market. Flexibility and Real Estate Valuation under Uncertainty: A Practical Guide for Developers is for everyone studying or concerned with the implementation of large-scale or multi-phase real estate development projects, as well as property investment and valuation more generally.

Decision Making under Deep Uncertainty

Vincent A. W. J. Marchau,Warren E. Walker,Pieter J. T. M. Bloemen,Steven W. Popper
Decision Making under Deep Uncertainty Book PDF

Author : Vincent A. W. J. Marchau,Warren E. Walker,Pieter J. T. M. Bloemen,Steven W. Popper
Publisher : Springer
Page : 408 pages
File Size : 48,6 Mb
Release : 2019-04-04
Category : Business & Economics
ISBN : 9783030052522

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Decision Making under Deep Uncertainty by Vincent A. W. J. Marchau,Warren E. Walker,Pieter J. T. M. Bloemen,Steven W. Popper Pdf

This open access book focuses on both the theory and practice associated with the tools and approaches for decisionmaking in the face of deep uncertainty. It explores approaches and tools supporting the design of strategic plans under deep uncertainty, and their testing in the real world, including barriers and enablers for their use in practice. The book broadens traditional approaches and tools to include the analysis of actors and networks related to the problem at hand. It also shows how lessons learned in the application process can be used to improve the approaches and tools used in the design process. The book offers guidance in identifying and applying appropriate approaches and tools to design plans, as well as advice on implementing these plans in the real world. For decisionmakers and practitioners, the book includes realistic examples and practical guidelines that should help them understand what decisionmaking under deep uncertainty is and how it may be of assistance to them. Decision Making under Deep Uncertainty: From Theory to Practice is divided into four parts. Part I presents five approaches for designing strategic plans under deep uncertainty: Robust Decision Making, Dynamic Adaptive Planning, Dynamic Adaptive Policy Pathways, Info-Gap Decision Theory, and Engineering Options Analysis. Each approach is worked out in terms of its theoretical foundations, methodological steps to follow when using the approach, latest methodological insights, and challenges for improvement. In Part II, applications of each of these approaches are presented. Based on recent case studies, the practical implications of applying each approach are discussed in depth. Part III focuses on using the approaches and tools in real-world contexts, based on insights from real-world cases. Part IV contains conclusions and a synthesis of the lessons that can be drawn for designing, applying, and implementing strategic plans under deep uncertainty, as well as recommendations for future work. The publication of this book has been funded by the Radboud University, the RAND Corporation, Delft University of Technology, and Deltares.

Real Options and Investment Under Uncertainty

Eduardo S. Schwartz,Lenos Trigeorgis
Real Options and Investment Under Uncertainty Book PDF

Author : Eduardo S. Schwartz,Lenos Trigeorgis
Publisher : MIT Press
Page : 890 pages
File Size : 45,9 Mb
Release : 2004
Category : Business & Economics
ISBN : 0262693186

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Real Options and Investment Under Uncertainty by Eduardo S. Schwartz,Lenos Trigeorgis Pdf

The study of investment under uncertainty was stagnant for several decades until developments in real options revitalized the field. The topics covered in this book include the reasons behind the under-investment programme.

Introduction to Property Valuation in Australia

David Parker
Introduction to Property Valuation in Australia Book PDF

Author : David Parker
Publisher : Taylor & Francis
Page : 338 pages
File Size : 53,9 Mb
Release : 2023-12-12
Category : Business & Economics
ISBN : 9781003826231

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Introduction to Property Valuation in Australia by David Parker Pdf

This book provides an easy-to-follow introduction to the principal methods of property valuation in Australia within the context of International Valuation Standards, so bridging the gap between traditional property valuation methods and the modern era of global valuation governance. Providing a framework for valuation practice, the book outlines the property asset class, the role of valuation, concepts of value and valuation standards before focusing on the instructing, undertaking and reporting aspects of the valuation process. The market approach to valuation is addressed through the comparative method of valuation with the income approach addressed through the capitalisation of income, discounted cash flow and profits methods of valuation and the cost approach addressed through the replacement cost, reproduction cost and residual or hypothetical development methods of valuation. As an introductory textbook on property valuation methods, this book is a companion to Australia’s leading advanced valuation textbook, Principles and Practice of Property Valuation in Australia edited by the same author and also published by Routledge, which is a more advanced text considering key principles underlying property valuation and current techniques and issues in the practice of property valuation for major sectors of the Australian property market. The most up-to-date valuation text book for the Australian market, this book will appeal to both valuation practitioners and undergraduate/postgraduate students as well as to accountants, auditors, lawyers, lenders and all professionals dealing with property valuation issues.

Property Valuation

Peter Wyatt
Property Valuation Book PDF

Author : Peter Wyatt
Publisher : John Wiley & Sons
Page : 565 pages
File Size : 43,6 Mb
Release : 2022-10-25
Category : Business & Economics
ISBN : 9781119767411

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Property Valuation by Peter Wyatt Pdf

PROPERTY VALUATION The new edition of the popular ‘all-in-one’ textbook on the valuation and appraisal of property, offering a more international perspective on valuation practice Property Valuation provides a comprehensive examination of property valuation principles, methods, issues and applications of the valuation and appraisal of commercial and industrial property across investment, development and occupier markets. With a clear writing style, this easily accessible textbook presents valuation from the client perspective, offering balanced coverage of the theory and practice of single-asset pricing, risk and return issues. The updated third edition reflects significant developments that have occurred in valuation over the past several years, particularly the expanding internationalisation of the valuation profession and the growing interest in valuation practice in emerging economies. Greater emphasis is placed on international content and context, such as the challenges of real estate asset valuation in countries with developing market economies, to offer a more global view of valuation practice. Throughout this edition, chapters link the most recent academic research to practical applications, incorporate the latest professional guidelines and standards and address land and property taxation, compulsory acquisition of land, the valuation of non-market goods and services and key valuation challenges with a more international perspective. Addresses the key challenges faced by valuation professionals in a single, up-to-date volume Combines academic coverage of principles with practical coverage of valuation applications Incorporates consideration of non-market value, including countries where land is seldom sold yet has social and environmental value Contains a wealth of well-developed worked examples and classroom-proven teaching and learning devices Includes access to a companion website with supporting material for students and lecturers Property Valuation, Third Edition is an excellent textbook for advanced undergraduate and graduate courses including real estate finance, real estate economics, property surveying, valuation and land economics in the UK, Europe and North America. It is also a valuable resource for early-career practitioners preparing for professional competency assessments as well as those studying property valuation and appraisal in developing countries and emerging economies.

Advanced Issues in Property Valuation

Hans Lind,Bo Nordlund
Advanced Issues in Property Valuation Book PDF

Author : Hans Lind,Bo Nordlund
Publisher : John Wiley & Sons
Page : 164 pages
File Size : 48,7 Mb
Release : 2021-05-24
Category : Business & Economics
ISBN : 9781119783367

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Advanced Issues in Property Valuation by Hans Lind,Bo Nordlund Pdf

Discover an insightful new text covering advanced problems in real property valuation In Advanced Issues in Property Valuation, real estate valuation experts and authors Hans Lind and Bo Nordlund provide a deep understanding of the concepts, theories, methods and controversies in property valuation. The book introduces readers to controversies and discussions in real estate valuation, including the relevance of market value for valuation for lending purposes, how uncertainty in property valuations should be interpreted, and the relationship between market value and fair value in financial reporting. Readers will also benefit from the inclusion of: A thorough introduction to the concepts, theories, methods and problems in real estate property valuation An exploration of the relevance of market value for valuation for lending purposes A practical discussion of how uncertainty in property valuations should be interpreted A concise treatment of the relationship between market value and fair value in financial reporting An examination of how concerns about sustainability and other structural changes can affect property valuation Perfect for graduate level students in courses involving valuation or real estate, Advanced Issues in Property Valuation is also an excellent resource for real estate practitioners who wish to update and deepen their knowledge about property valuation.

Handbook of Engineering Systems Design

Anja Maier,Josef Oehmen,Pieter E. Vermaas
Handbook of Engineering Systems Design Book PDF

Author : Anja Maier,Josef Oehmen,Pieter E. Vermaas
Publisher : Springer Nature
Page : 1040 pages
File Size : 45,6 Mb
Release : 2022-07-30
Category : Technology & Engineering
ISBN : 9783030811594

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Handbook of Engineering Systems Design by Anja Maier,Josef Oehmen,Pieter E. Vermaas Pdf

This handbook charts the new engineering paradigm of engineering systems. It brings together contributions from leading thinkers in the field and discusses the design, management and enabling policy of engineering systems. It contains explorations of core themes including technical and (socio-) organisational complexity, human behaviour and uncertainty. The text includes chapters on the education of future engineers, the way in which interventions can be designed, and presents a look to the future. This book follows the emergence of engineering systems, a new engineering paradigm that will help solve truly global challenges. This global approach is characterised by complex sociotechnical systems that are now co-dependent and highly integrated both functionally and technically as well as by a realisation that we all share the same: climate, natural resources, a highly integrated economical system and a responsibility for global sustainability goals. The new paradigm and approach requires the (re)designing of engineering systems that take into account the shifting dynamics of human behaviour, the influence of global stakeholders, and the need for system integration. The text is a reference point for scholars, engineers and policy leaders who are interested in broadening their current perspective on engineering systems design and in devising interventions to help shape societal futures.

Healthcare Architecture as Infrastructure

Stephen H. Kendall
Healthcare Architecture as Infrastructure Book PDF

Author : Stephen H. Kendall
Publisher : Routledge
Page : 237 pages
File Size : 55,9 Mb
Release : 2018-11-19
Category : Architecture
ISBN : 9781351256384

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Healthcare Architecture as Infrastructure by Stephen H. Kendall Pdf

Architects and healthcare clients are increasingly coming to recognize that, once built, healthcare facilities are almost immediately subject to physical alterations which both respond to and affect healthcare practices. This calls into question the traditional ways in which these facilities are designed. If functions and practices are subject to alteration, the standard approach of defining required functions and practices before acquiring facilities is obsolete. We need other starting points, working methods, and ways of collaborating. Healthcare Architecture as Infrastructure presents these new approaches. Advocating an infrastructure theory of built environment transformation in which design and investment decisions are organized hierarchically and transcend short-term use, the book draws the practice and research of a number of architects from around the world. Written by experts with experience in policy making, designing, building, and managing complex healthcare environments, it shows professionals in architecture, engineering, healthcare and facilities management how to enhance the long-term usefulness of their campuses and their building stock and how to strengthen their physical assets with the capacity to accommodate a quickly evolving healthcare sector.

Flexibility

Gill Eapen
Flexibility Book PDF

Author : Gill Eapen
Publisher : CRC Press
Page : 192 pages
File Size : 41,7 Mb
Release : 2009-12-17
Category : Business & Economics
ISBN : 9781439816332

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Flexibility by Gill Eapen Pdf

We are in an era of high volatility and uncertain outcomes, driven by accelerating technologies, shortened product cycles, fast-changing information, an increasingly mobile workforce, more demanding customers, complex financial markets, ad-hoc public policies, and many other factors that add layers of uncertainty to all future possibilities. While most believe that good management requires better prediction of the future and better planning, Gill Eapen instead contends that the best way to manage effectively in an uncertain world is through the conscious application of flexibility — an ability to absorb constantly shifting variables and adapt quickly. Flexibility: Flexible Companies for the Uncertain World explores ways in which organizations can systematically enhance their ability to survive and succeed without the guarantees that come with certainty. In these pages, Eapen details: Specific attributes of status-quo organizations that hinder their capacity for flexibility in their three primary components: structure, systems, and strategies A tool and process for diagnosing flexibility-related problems within an organization Specific actions companies can take to improve flexibility, regardless of their size or age A case study of a technology company progressively losing flexibility due to management actions, as well as a detailed project plan for remedial actions Based on the author’s years of experience working with a variety of industries, including life sciences, energy, technology, financial services, and manufacturing, and his expertise in decision options, Flexibility offers a holistic alternative approach for managing risk and making the best decisions possible in these especially uncertain times.

Valuation

Rajesh Kumar
Valuation Book PDF

Author : Rajesh Kumar
Publisher : Academic Press
Page : 514 pages
File Size : 44,9 Mb
Release : 2015-11-05
Category : Business & Economics
ISBN : 9780128025437

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Valuation by Rajesh Kumar Pdf

Valuation: Theories and Concepts provides an understanding on how to value companies that employ non-standard accounting procedures, particularly companies in emerging markets and those that require a wider variety of options than standard texts provide. The book offers a broader, more holistic perspective that is perfectly suited to companies and worldwide markets. By emphasizing cases on valuation, including mergers and acquisition valuation, it responds to the growing expectation that students and professionals must generate comprehensive perspectives based on thorough investigations and a library of valuation theories. Readers will gain a better understanding of the development of complete analyses, including trend analysis of financial parameters, ratio analysis, and differing perspectives on valuation and strategic initiatives. Case studies include stock market performance and synergies and the intrinsic value of the firm are compared with offer price. In addition, full data sets for each chapter are available online. Provides an understanding on how to value companies that employ non-standard accounting procedures, particularly companies in emerging markets Gives readers the ability to compare the intrinsic value of the firm with the offer price Showcases a variety of valuation techniques and provides details about handling each part of the valuation process Each case has data in excel spreadsheets for all companies, and data sets for each chapter are available online

Investment under Uncertainty

Robert K. Dixit,Robert S. Pindyck
Investment under Uncertainty Book PDF

Author : Robert K. Dixit,Robert S. Pindyck
Publisher : Princeton University Press
Page : 484 pages
File Size : 42,8 Mb
Release : 2012-07-14
Category : Business & Economics
ISBN : 9781400830176

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Investment under Uncertainty by Robert K. Dixit,Robert S. Pindyck Pdf

How should firms decide whether and when to invest in new capital equipment, additions to their workforce, or the development of new products? Why have traditional economic models of investment failed to explain the behavior of investment spending in the United States and other countries? In this book, Avinash Dixit and Robert Pindyck provide the first detailed exposition of a new theoretical approach to the capital investment decisions of firms, stressing the irreversibility of most investment decisions, and the ongoing uncertainty of the economic environment in which these decisions are made. In so doing, they answer important questions about investment decisions and the behavior of investment spending. This new approach to investment recognizes the option value of waiting for better (but never complete) information. It exploits an analogy with the theory of options in financial markets, which permits a much richer dynamic framework than was possible with the traditional theory of investment. The authors present the new theory in a clear and systematic way, and consolidate, synthesize, and extend the various strands of research that have come out of the theory. Their book shows the importance of the theory for understanding investment behavior of firms; develops the implications of this theory for industry dynamics and for government policy concerning investment; and shows how the theory can be applied to specific industries and to a wide variety of business problems.

Airline Network Development in Europe and Its Implications for Airport Planning

Guillaume Burghouwt
Airline Network Development in Europe and Its Implications for Airport Planning Book PDF

Author : Guillaume Burghouwt
Publisher : Ashgate Publishing, Ltd.
Page : 312 pages
File Size : 40,8 Mb
Release : 2007
Category : Transportation
ISBN : 0754645061

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Airline Network Development in Europe and Its Implications for Airport Planning by Guillaume Burghouwt Pdf

Guillaume Burghouwt explores airline network development and airport planning in the deregulated EU air transport market. The study provides airports with information about ways of dealing with increasing uncertainty resulting from changing airline network behaviour.

Real Estate Appraisal

Sarah Sayce,Judy Smith,Richard Cooper,Piers Venmore-Rowland
Real Estate Appraisal Book PDF

Author : Sarah Sayce,Judy Smith,Richard Cooper,Piers Venmore-Rowland
Publisher : John Wiley & Sons
Page : 352 pages
File Size : 45,7 Mb
Release : 2009-02-11
Category : Business & Economics
ISBN : 9781405173247

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Real Estate Appraisal by Sarah Sayce,Judy Smith,Richard Cooper,Piers Venmore-Rowland Pdf

The education of the real estate professional is changing andaligning itself more closely with the world of business. This book takes a new approach to property appraisal by exploringthe pricing mechanism in this changing context. It: * develops the notion of the pricing mechanism in relation toproperty * covers practical issues of comparison and the real problems inapplying valuation theory * explores calculations - including social and environmental worth- ignored in other texts As real estate professionals now advise both on strategic andoperational aspects of built assets, they must take into accountpractices of other investment markets and see investors ascompetitors to owner-occupiers. Both owner-occupiers and investorshave to assess accurately how their buildings perform but also beaware of wider sustainability issues, and social and environmentalresponsibilities. Real Estate Appraisal: from value to worth meets these new demandsby examining the latest techniques of the marketplace; developingan understanding of both market appraisal and worth; andhighlighting the emerging role of sustainability as a driver fordecision-making in real estate. Written by a group of highly experienced lecturers andprofessionals at the cutting edge of investment practice, the bookhas an accessible style and authoritative coverage, for bothstudents and practitioners facing changes in established ways ofworking. For supporting material please go towww.blackwellpublishing.com/sayce

Computational Science and Its Applications - ICCSA 2014

Beniamino Murgante,Sanjay Misra,Ana Maria Alves Coutinho Rocha,Carmelo Torre,Jorge Gustavo Rocha,Maria Irene Falcão,David Taniar,Bernady O. Apduhan,Osvaldo Gervasi
Computational Science and Its Applications ICCSA 2014 Book PDF

Author : Beniamino Murgante,Sanjay Misra,Ana Maria Alves Coutinho Rocha,Carmelo Torre,Jorge Gustavo Rocha,Maria Irene Falcão,David Taniar,Bernady O. Apduhan,Osvaldo Gervasi
Publisher : Springer
Page : 810 pages
File Size : 45,9 Mb
Release : 2014-07-02
Category : Computers
ISBN : 9783319091501

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Computational Science and Its Applications - ICCSA 2014 by Beniamino Murgante,Sanjay Misra,Ana Maria Alves Coutinho Rocha,Carmelo Torre,Jorge Gustavo Rocha,Maria Irene Falcão,David Taniar,Bernady O. Apduhan,Osvaldo Gervasi Pdf

The six-volume set LNCS 8579-8584 constitutes the refereed proceedings of the 14th International Conference on Computational Science and Its Applications, ICCSA 2014, held in Guimarães, Portugal, in June/July 2014. The 347 revised papers presented in 30 workshops and a special track were carefully reviewed and selected from 1167. The 289 papers presented in the workshops cover various areas in computational science ranging from computational science technologies to specific areas of computational science such as computational geometry and security.