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The Labor Component of Private Investor Real Estate Returns

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  • Roger Brown

Abstract

Executive Summary. This paper offers theoretical foundation as to how the addition of human capital enters into the return calculation for privately owned real estate investments. A two-part model of investor behavior discloses that real estate investment decisions are a labor trade-off rather than a portfolio trade-off. Using differential equations that do not admit a closed form solution, the paper provides simulations to illustrate the working model. One conclusion is a natural point in time where real estate investing is supplanted by investing in financial assets.

Suggested Citation

  • Roger Brown, 2005. "The Labor Component of Private Investor Real Estate Returns," Journal of Real Estate Portfolio Management, Taylor & Francis Journals, vol. 11(3), pages 295-306, January.
    • Handle: RePEc:taf:repmxx:v:11:y:2005:i:3:p:295-306
    DOI: 10.1080/10835547.2005.12089728
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