Journal of Property Valuation and Investment: Volume 15 Issue 3

Decision theory and real estate investment

Nick French, Simon French

Explains that the focus of decision theory is onthe mathematical models. These may be probability based; loss functions or other forms ofstatistical representations of judgements…

Client pressure in the commercial appraisal industry: how prevalent is it?

William N. Kinnard, Margarita M. Lenk, Elaine M. Worzala

Documents evidence of a loss of independence in the commercial appraisal industry in the USA. Utilizes a survey methodology to elicit the reactions of commercial appraisers to…

Heuristic use, credit constraints and real estate lending

William G. Hardin

Presents an investigation into the existence of information processing heuristics in two commercial bank lender types that provide investment and construction loans secured by…

How valuers use the value opinions of others

Julian Diaz, J. Andrew Hansz

Theory suggest that valuers will rely on previous values estimates in the face of greater market uncertainty. Nevertheless recent research has provided evidence that experienced…

Price‐knowledge‐induced bias: a cross‐cultural comparison

Paul Gallimore, Marvin Wolverton

Explains that bias in human problem‐solving behaviour may sometimes conflict with the assumptions that underlie normative models of valuation. Possibilities include faulty…

Expert property negotiators and pricing information, revisited

Roy T. Black

Builds on a previous study and examines the influence of asking prices as anchors in the real property negotiating process. Previous studies have shown that the human mind uses…