Real Options and Game Theoretical Approaches to Valuations of Real Assets: Multiple Equilibria and The Implications of Different Tie-Breaking Rules

is Reader (Associate Professor) in Real Estate Finance and Director of the Master in Real Estate Finance and Investment at the University of Reading, where he is also Senior Research Associate at the ICMA Centre. Previously he worked at CASS Business School and Bocconi University. Starting from a background in corporate finance, he developed an interest in real estate, and particularly in investment, portfolio management and real estate finance. Lately his research and teaching interest is expanding into securitized real estate products such as REITs, derivatives, CMBS and unlisted funds. As a consultant in the real estate industry, he led the introduction of a new real estate index and benchmarking service for IPD in Italy and still works as a senior consultant in the research, training and Italian teams. He also created the Jones Lang LaSalle style index, and worked for several other companies on issues such as performance measurement, investment and securities appraisal, portfolio management and real estate finance.