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The Evolution of a Fiscal Constitution When Individuals are Theoretically Uncertain

✍ Scribed by Jan Schnellenbach

Book ID
111560449
Publisher
Springer US
Year
2004
Tongue
English
Weight
123 KB
Volume
17
Category
Article
ISSN
0929-1261

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The option to change the use of a proper
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## Abstract This paper models the decision to change the use of a property when its value in the current use and the new use, as well as construction costs, are uncertain. In the case of development of vacant land, when cash flows and construction costs are lognormally distributed, the development