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Working Papers

Option Value and Storefront Vacancy in New York City

Erica Moszkowski, Daniel Stackman • April 12, 2023

Why do storefronts remain empty for more than a year in some of the world’s highest-rent retail districts? Landlords with vacancies derive option value from two sources of…
Blog

The Economic Effects of Climate Change Adaptation

Seung Kyum Kim • May 1, 2019

Despite increases in extreme meteorological events such as coastal floods and storm surges, population on the coasts continues to increase. To alleviate problems caused by…