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本世纪西方房地产价值理论的发展可以分为三个阶段:1906年至1944年;二次世界大战后至1962年;1962年至今.1.1906年至1944年 费雪尔(IrvingFisher)在资本价值和收益资本化方面作了开创性研究.他在1906年的《资本和收益的性质》(The Nature of Capital and Income,NewYork,1906)一书中对几个重要概念作了系统阐述.他认为利率是收益价值(income—value)和资本价值(capital—value)的纽带,价值是特定资本预期收益的现值.他认为在预期收入流均等、变化、持续或间歇性增长情况下,仍可计
The development of western real estate value theory of this century can be divided into three stages: from 1906 to 1944; from World War II to 1962; from 1962 to the present 1. From 1906 to 1944, Irving Fisher relied on capital value and income A pioneering study of capitalization led to a systematic account of several important concepts in The Nature of Capital and Income, New York, 1906. He argues that interest rates are The link between income-value and capital-value, which is the present value of the expected return on a particular capital, is still considered to be measurable in anticipation of an equal, changing, continuous or intermittent increase in income streams