摘要 :
Valuation judgement bias has been a research topic for several years due to its proclaimed effect on valuation accuracy. However, little is known on the emphasis of literature on judgement bias, with regard to, for instance, resea...
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Valuation judgement bias has been a research topic for several years due to its proclaimed effect on valuation accuracy. However, little is known on the emphasis of literature on judgement bias, with regard to, for instance, research methodologies, research context and robustness of research evidence. A synthesis of available research will establish consistency in the current knowledge base on valuer judgement, identify future research opportunities and support decision-making policy by educational and regulatory stakeholders how to cope with judgement bias. This article therefore, provides a systematic review of empirical research on real estate valuer judgement over the last 30 years. Based on a number of inclusion and exclusion criteria, we have systematically analysed 32 relevant papers on valuation judgement bias. Although we find some consistency in evidence, we also find the underlying research to be biased; the methodology adopted is dominated by a quantitative approach; research context is skewed by timing and origination; and research evidence seems fragmented and needs replication. In order to obtain a deeper understanding of valuation judgement processes and thus extend the current knowledge base, we advocate more use of qualitative research methods and scholars to adopt an interpretative paradigm when studying judgement behaviour.
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Ecosystems are increasingly characterised as goods and services to allow their valuation in monetary terms. This follows an orthodox economic approach to environmental values, but is also being undertaken by ecologists and conserv...
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Ecosystems are increasingly characterised as goods and services to allow their valuation in monetary terms. This follows an orthodox economic approach to environmental values, but is also being undertaken by ecologists and conservation biologists. There then appears a lack of clarity and debate as to the model of human behaviour, specific values and decision process being adopted. Arguments for ecosystems service valuation are critically appraised and the case for a model leading to value pluralism is presented. The outcome is to identify the need for value articulating processes which involve open deliberative judgment rather than instantaneously stated preferences, concealed expert opinion and global cost-benefit analysis.
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Purpose - The purpose of this paper is twofold first, to suggest a modified sales comparison model that is scalable and adaptable to value under conditions of certainty and uncertainty. The model can potentially be applied to resi...
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Purpose - The purpose of this paper is twofold first, to suggest a modified sales comparison model that is scalable and adaptable to value under conditions of certainty and uncertainty. The model can potentially be applied to residential property, non-residential property and large item plant and machinery in determining the value, rental or capitalisation rate. The second purpose is to address practitioner and end user bias, which if unaddressed can lead to potentially inconsistent valuation results. Design/methodology/approach - Literature was reviewed on decision theory, specifically cognitive limitations, heuristics and biases. A qualitative approach is followed in the paper although the output of the proposed model itself is quantitative. Findings - The paper argues that practitioners and end users alike tend to avoid advanced statistical techniques when valuing under conditions of certainty, while advanced statistical techniques would not be possible under conditions of uncertainty. In addition, practitioners can, due to the representative heuristic, be over-confident in their ability, skill or knowledge when performing valuations under conditions of certainty. When valuing under conditions of uncertainty, practitioners tend to avoid simple rule models as they consider the process too unique to be standardised. The combined effect is inconsistent valuation results unless it can potentially be addressed through an integrated and modified sales comparison model that takes into account varying degrees of certainty and uncertainty. Practical implications - The proposed modified sales comparison model is an integrated model that can be adopted by practitioners in valuing residential, non-residential and large plant and machinery. It can potentially be used to value under conditions of certainty and uncertainty and improve valuation consistency. End users such as mortgage lenders and investors can benefit from the adoption of this model. Originality/value - The aim of this paper is to propose an integrated and modified sales comparison model for valuing under conditions of certainty, normal uncertainty and abnormal uncertainty. The integrated model can value based on direct comparison under conditions of certainty and uncertainty while addressing the in practice avoidance of advanced statistical techniques and the implications of the representative heuristic and halo effect as cognitive biases on valuation consistency.
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CAVAT (Capital Asset Value for Amenity Trees) has become a popular means of valuing urban trees in the UK (Doick et al., 2018). It is one of many approaches suggested for valuing amenity trees. Price (2003, 2007, 2017 chapter 6) g...
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CAVAT (Capital Asset Value for Amenity Trees) has become a popular means of valuing urban trees in the UK (Doick et al., 2018). It is one of many approaches suggested for valuing amenity trees. Price (2003, 2007, 2017 chapter 6) gives reviews.This paper places CAVAT in relation to other approaches. First, it gives concise accounts of these approaches - some based on expert judgements, some based on stated and revealed consumer valuations, and some based on financial outlays associated withamenity trees. It lists the problems that these approaches encounter, especially their subjectivity. Next, it considers critically the components of a CAVAT-based evaluation, from a rational and economic perspective. In particular, it criticises CAVAT’sbase value, derived from the cost of planting an amenity tree. An alternative, annual unit value, is formulated, based on informed and rational comparison of costs and benefits, which is then contrasted with the CAVAT value. Faustmann’s formulation isadapted to show what age of tree is the most valuable to protect. Some suggestions are offered for improving cost-based evaluations.
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Purpose - The purpose of this paper is to describe and analyze the thought patterns of authorized property appraisers (APAs) when valuing commercial properties, and draw conclusions about their collective thinking in terms of cont...
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Purpose - The purpose of this paper is to describe and analyze the thought patterns of authorized property appraisers (APAs) when valuing commercial properties, and draw conclusions about their collective thinking in terms of content, complexity, and homogeneity. Design/methodology/approach - A standard set of value-adding factors and bipolar constructs was included in a grid form used for data collection. The repertory grid technique and principal component analysis were used to map and analyze the thought patterns of nearly half of the APAs in Sweden. Findings - Analysis of the mean grid for all respondents revealed three dimensions in the aggregated APA thought pattern: property object - property market focus, abstract - specific information, and expert - superficial assessments. The aggregated thought pattern was found to be moderately complex, and the APAs demonstrated relatively strong homogeneity in their thought patterns. Practical implications - Based on the moderate complexity and relatively strong homogeneity in respondent thought patterns, this study discusses the upcoming establishment of a profession. Originality/value - To the authors' best knowledge, this is the first study using the repertory grid technique to map and analyze APA thought patterns at an aggregated level.
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