American real estate appraisers given identical valuation problems produced statistically different value estimates. The measured variable between experimental groups was an agency‐client treatment operationalized as a pending mortgage scenario. This finding is consistent with the view of anchoring as a routinized response to agent‐client concerns. Experienced appraisers may develop heuristic behaviors which subconsciously sensitizes them to agency‐client considerations. Although further research is warranted, this study provides initial experimental evidence of a causal link between agency‐client concerns and valuation bias.
Hansz, J.A. (2004), "The use of a pending mortgage reference point in valuation judgment", Journal of Property Investment & Finance, Vol. 22 No. 3, pp. 259-268. https://doi.org/10.1108/14635780410538177
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