A LENS ON VALUATION

Abstract

The Brunswik Lens Model is presented as a framework in which to analyse the property appraisal function. Relationships between observable characteristics of real estate, valuer‐predicted appraisals and actual sales price are explored. Attention focuses through the Lens on the development of computer‐assisted valuation models of residential property. It is shown that statistical deftness must be combined with an appreciation of cognitive processes in order to develop an efficient environmentally‐based valuation model.

Citation

LANGFIELD‐SMITH, K.M. and LOCKE, S.M. (1988), "A LENS ON VALUATION", Journal of Valuation, Vol. 6 No. 4, pp. 365-381. https://doi.org/10.1108/eb008032