A Contingent Claims Analysis of Real Estate Listing Agreements
The Journal of Real Estate Finance and Economics, 1998, vol. 16, issue 3, 257-67
This article examines real estate brokerage contracts as contingent claims. It derives terminal and boundary conditions for this contract. A Nelson and Ramaswamy (1990) style lattice is then developed to solve the partial differential equation for the value of the listing agreement. After identifying various parameters that determine the contract's value, those parameters are varied to examine their relative impact on the contract. Copyright 1998 by Kluwer Academic Publishers
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The Journal of Real Estate Finance and Economics is currently edited by Steven R. Grenadier, James B. Kau and C.F. Sirmans
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