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Multicultural examination of valuation behaviour

Julian Diaz III (Georgia State University, Atlanta, Georgia, USA)
Paul Gallimore (The Nottingham Trent University, Nottingham, UK)
Deborah Levy (The University of Auckland, Auckland, New Zealand)

Journal of Property Investment & Finance

ISSN: 1463-578X

Article publication date: 1 August 2004

Abstract

A series of experiments were conducted to examine valuation behaviour in the UK, the USA, and New Zealand (NZ). Professional valuers from all three countries participated in the study whose findings support the notion that the US normative model is cognitively demanding and that greater departures from it result in reduced cognitive effort. The study also concluded that subjects from cultures requiring disclosure (USA and NZ) examined a significantly greater number of sales than did subjects from the UK where disclosure is uncommon. Finally, while valuers perhaps ought to increase sales search in unfamiliar markets, this research revealed no evidence that they do so. These findings are consistent with the need to seek cognitive efficiency and reduce cognitive effort even at the expense of performance quality.

Keywords

Citation

Diaz, J., Gallimore, P. and Levy, D. (2004), "Multicultural examination of valuation behaviour", Journal of Property Investment & Finance, Vol. 22 No. 4, pp. 339-346. https://doi.org/10.1108/14635780410550894

Publisher

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Emerald Group Publishing Limited

Copyright © 2004, Emerald Group Publishing Limited