цитата:
We now introduce two modifications to the base model. First, for each property there is an

investor who can generate an additional value b ≥ 0 from purchasing the property in period one and managing it for the next period. This additional valuation might arise from a positive net

present value investment known only to the investor or from a private benefit. For simplicity we

will assume that b is a private benefit, though our results are not sensitive to that assumption. The

realization of b is known to the investor.