Table 1. Incremental NPV of Apartment Exchange as a Percent of Replacement Property
 Value
 Holding Period of Replacement Property Holding Period of Replacement Property
 (HOLD') (n') 4 8 12 16 20 24 28 4 8 12 16 20 24 28


Panel A:
Tg =15%,k=8%,
EC, =SC t
 5 2%
 5 6%
 5 10%
 5 20%
 10 2%
 10 6%
 10 10%
 10 20%
 20 2%
 20 6%
 20 10%
 28 2%
 28 6%
 28 10%
Panel C:
T = 15%,k=8%,
EC, =1.2* SC
 5 2%
 5 6%
 5 10%
 5 20%
 10 2%
 10 6%
 10 10%
 10 20%
 20 2%
 20 6%
 20 10%
 28 2%
 28 6%
 28 10%
Panel E:
cg =20%,
k=8%,EC, SC1
 5 2%
 5 6%
 5 10%
 5 20%
 10 2%
 10 6%
 10 10%
 10 20%
 20 2%
 20 6%
 20 10%
 28 2%
 28 6%
 28 10%


Panel B:
T' =15%,k=10%,
EC, SC 1


1.85 2.14 2.27 2.30 2.28 2.23 2.17
2.00 2.48 2.69 2.75 2.71 2.63 2.53
2.11 2.74 3.03 3.10 3.06 2.95 2.81
2.30 3.21 3.61 3.72 3.66 3.51 3.31
3.45 4.01 4.26 4.33 4.29 4.20 4.07
3.20 4.03 4.40 4.50 4.44 4.30 4.12
3.03 4.04 4.49 4.61 4.54 4.37 4.15
2.81 4.05 4.61 4.75 4.67 4.46 4.19
5.80 6.80 7.25 7.36 7.29 7.13 6.91
4.12 5.33 5.87 6.02 5.93 5.73 5.46
3.35 4.67 5.26 5.41 5.32 5.10 4.81
7.04 8.29 8.85 9.00 8.91 8.71 8.43
4.15 5.50 6.11 6.27 6.17 5.95 5.65
3.19 4.57 5.19 5.36 5.26 5.03 4.72


1.33 1.60 1.73 1.76 1.74 1.69 1.63
1.47 1.94 2.15 2.21 2.17 2.10 1.99
1.58 2.21 2.49 2.56 2.52 2.42 2.28
1.78 2.67 3.08 3.18 3.12 2.97 2.77
2.92 3.48 3.73 3.79 3.75 3.66 3.54
2.67 3.49 3.86 3.96 3.90 3.77 3.58
2.50 3.50 3.95 4.07 4.00 3.83 3.61
2.29 3.52 4.07 4.21 4.13 3.92 3.65
5.28 6.26 6.71 6.82 6.75 6.59 6.37
3.59 4.80 5.34 5.48 5.39 5.19 4.93
2.83 4.13 4.72 4.87 4.78 4.56 4.27
6.52 7.76 8.32 8.46 8.38 8.17 7.89
3.63 4.97 5.57 5.73 5.63 5.41 5.11
2.66 4.04 4.65 4.82 4.72 4.49 4.19


1.46 1.93 2.20 2.33 2.39 2.40 2.38
1.89 2.69 3.15 3.38 3.47 3.49 3.45
2.24 3.30 3.90 4.21 4.33 4.35 4.30
2.84 4.36 5.21 5.65 5.83 5.86 5.78
2.77 3.71 4.24 4.51 4.62 4.64 4.59
3.15 4.54 5.32 5.72 5.88 5.91 5.84
3.39 5.08 6.03 6.51 6.71 6.75 6.66
3.71 5.78 6.95 7.55 7.79 7.83 7.73
4.76 6.42 7.36 7.84 8.04 8.07 7.99
4.32 6.35 7.50 8.08 8.32 8.36 8.26
4.12 6.32 7.56 8.19 8.45 8.49 8.38
5.85 7.94 9.12 9.72 9.97 10.01 9.90
4.59 6.85 8.13 8.78 9.04 9.09 8.97
4.17 6.49 7.80 8.46 8.74 8.78 8.66


2.01 2.35
2.25 2.84
2.45 3.23
2.79 3.90
3.75 4.44
3.64 4.66
3.57 4.80
2.79 3.90
6.34 7.55
4.76 6.25
4.06 5.66
7.71 9.24
4.87 6.53
3.93 5.62


2.51 2.55 2.55 2.51
3.10 3.18 3.16 3.11
3.57 3.67 3.66 3.58
4.38 4.53 4.51 4.41
4.74 4.83 4.82 4.76
5.11 5.24 5.22 5.13
5.35 5.51 5.49 5.37
4.38 4.53 4.51 4.41
8.09 8.25 8.23 8.12
6.91 7.11 7.07 6.94
6.37 6.59 6.55 6.40
9.91 10.12 10.09 9.95
7.26 7.48 7.44 7.29
6.37 6.60 6.56 6.40


Panel D:
T =15%,k=10%,
E&, 1.2* SC ,
1.48 1.81 1.96
1.72 2.30 2.55
1.92 2.68 3.02
2.26 3.35 3.84
3.22 3.90 4.19
3.11 4.12 4.56
3.04 4.26 4.80
2.95 4.45 5.11
5.80 7.01 7.54
4.23 5.71 6.36
3.52 5.12 5.82
7.18 8.70 9.37
4.34 5.99 6.71
3.40 5.08 5.82
Panel F:
cg =20%,
k=10%,EC,=SCt
1.66 2.22 2.52
2.23 3.18 3.68
2.69 3.95 4.61
3.49 5.27 6.23
3.17 4.28 4.87
3.74 5.38 6.25
4.11 6.10 7.16
4.60 7.04 8.34
5.47 7.43 8.48
5.19 7.58 8.86
5.06 7.65 9.03
6.74 9.21 10.52
5.56 8.22 9.64
5.16 7.89 9.35


2.00 2.00 1.97 1.92
2.63 2.62 2.56 2.49
3.12 3.11 3.04 2.94
3.99 3.96 3.86 3.72
4.29 4.27 4.21 4.12
4.69 4.67 4.58 4.46
4.96 4.94 4.83 4.67
5.31 5.28 5.14 4.96
7.71 7.68 7.57 7.42
6.56 6.53 6.39 6.21
6.04 6.00 5.86 5.66
9.57 9.54 9.40 9.21
6.93 6.89 6.74 6.54
6.05 6.01 5.86 5.65




2.66 2.72 2.74 2.72
3.93 4.03 4.05 4.03
4.94 5.07 5.11 5.08
6.69 6.88 6.93 6.89
5.16 5.28 5.31 5.28
6.68 6.85 6.89 6.86
7.68 7.89 7.94 7.90
8.97 9.24 9.30 9.24
8.99 9.20 9.25 9.21
9.48 9.74 9.80 9.75
9.70 9.98 10.05 9.99
11.16 11.42 11.49 11.43
10.33 10.62 10.69 10.63
10.06 10.35 10.42 10.36