House price uncertainty, timing of development, and vacant land prices: Evidence for real options in Seattle

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Forecasting: theory and practice (2020, background): “ as a measure of expectations and perceptions of economic agents. It has been shown that changes in uncertainty about house prices impact on housing investment and real estate construction decisions (Cunningham, 2006; Banks et al., 2015; Oh and Yoon, 2020), and thus incorporating a measure of uncert”