Major results are summarized as follows: i. While a purchase of right for the case of Pankyo were profitable, the case of Heoungduk wasn't which was consistent with the historical competition results; ii. while the profitability for the Pankyo was stable across the variation of the parameters, Heoungduk was not. Finally, some policy implications and limitations of this paper were suggested.
Kim, S.T. (2008), "Valuation for a Preemptive Right on the Private House for Lease in Korea Using the Binomial Option Pricing Model", Journal of Derivatives and Quantitative Studies: 선물연구, Vol. 16 No. 1, pp. 69-86. https://doi.org/10.1108/JDQS-01-2008-B0004
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