NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Irreversible Investment, Real Options, and Competition: Evidence from Real Estate Development

Laarni Bulan, Christopher J. Mayer, C. Tsuriel Somerville

NBER Working Paper No. 12486
Issued in August 2006

---- Acknowledgements -----

The authors wish to thank Andy Abel, John Donaldson, Larry Glosten, Joe Gyourko, Charlie Himmelberg, Glenn Hubbard, Ken Kuttner, Robert McDonald, Bob Shiller, Todd Sinai, Nick Souleles, Will Strange, and Tan Wang for helpful comments. Special thanks are due to Zhan Binghui for research assistance. The data are the result of assistance and cooperation from Stan Hamilton and the offices of the BC, Land Title Office, Registrar of Corporations, and Superintendent of Real Estate. Financial support for this research was received from the Social Science and Humanities Research Council of Canada, the Real Estate Foundation of British Columbia, and the Zell/Lurie Real Estate Center at Wharton. Previous versions of this paper circulated under the title, "Should I Build or Should I Wait Now? Idiosyncratic Risk, Competition and Real Options in Real Estate Investment." All errors are the responsibility of the authors.

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