The Journal of Real Estate Finance and Economics
Volume 20, Issue 1, Article 2 (Abstract)
Title:	Price Volatility of Commercial and Residential Property
Author:	Sunny Kai Sun Kwong and Charles Ka Yui Leung
Abstract:	This paper studies the relative volatility of commercial and residential property prices. Empirical evidence of commercial property prices being more volatile than that of residential property is presented. Models are built a la Lucas. Theoretical statements are derived to show the exact conditions under which the observations arise. The cases of fixed supply and flexible supply are considered separately.
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