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This paper examines behavioral research in property. Such research is relatively new in the property field and is still in its first decade. The behavioral approach is…
This paper examines behavioral research in property. Such research is relatively new in the property field and is still in its first decade. The behavioral approach is examined and compared with the more traditional approach. Its aims and its accomplishments are also discussed. The previous literature upon the subject is examined and the future of behavioral research in property is alluded to as a conclusion.
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…
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.
This article examines the role of contingent reward in reducing negotiation anchoring. A case study approach was adopted in the investigation undertaken. Five residencies…
This article examines the role of contingent reward in reducing negotiation anchoring. A case study approach was adopted in the investigation undertaken. Five residencies were offered for sale and university students were assigned the task of negotiating the sales price of one of the houses. The results showed that where no asking price was given the settlement price was consistently lower than for those of incongruously high asking price. It is felt that these results are less biased than previous studies as a system of rewards was offered as the study was a step towards a real life setting.
Theory suggest that valuers will rely on previous values estimates in the face of greater market uncertainty. Nevertheless recent research has provided evidence that…
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 real estate valuers (appraisers) working in geographic areas familiar to them may not be influenced by the previous value judgement of other, anonymous experts. Presents a study which extends the previous investigation by examining appraisers valuing property in geographic areas unfamiliar to them, appraisers who therefore face significant market uncertainty. In controlled experiments valuers were asked to appraise a subject property in an area unfamiliar to them and were offered the previous value judgement of an anonymous expert as a potential anchor (reference point). A control group of experts unfamiliar with the subject market was given no reference point whatsoever. Evaluation of the experimental data revealed evidence that unlike subjects operating in areas of familiarity, subjects unfamiliar with the subject area were influenced by the provided reference point.
“When James Boswell returned from a tour of Corsica in 1765 he wrote: ‘It is indeed amazing that an island so considerable, and in which such noble things have been doing…
“When James Boswell returned from a tour of Corsica in 1765 he wrote: ‘It is indeed amazing that an island so considerable, and in which such noble things have been doing, should be so imperfectly known.’ The same might be said today of Puerto Rico.” Thus began Millard Hansen and Henry Wells in the foreword to their 1953 look at Puerto Rico's democratic development. Four decades later, the same could again be said about the island.
Purpose – Departure time choice not only depends on the desire to carry out activities at certain times and places; it is a complex decision making process influenced by…
Purpose – Departure time choice not only depends on the desire to carry out activities at certain times and places; it is a complex decision making process influenced by travel conditions, congestion levels, activity schedules, and external trip factors. To estimate departure time choice models capturing the factors influencing it in appropriate form, a complex data collection procedure allowing to obtain detailed input data from different sources and at different time periods is required.
The main aim of this chapter is to describe and discuss the survey methodology we used in a time-of-day choice project, involving the collection of revealed preference (RP) and stated preference (SP) data to estimate hybrid discrete departure time choice models incorporating latent variables. Preliminary model results are also presented as an example.
Methodology/approach – Data was obtained from 405 workers at different private and public institutions located in the centre of Santiago, Chile. The survey process had three different stages and used various collection methods (e-mail, web-page, and personal interviews at the workplace) in order to satisfy efficiency, reliability and cost criteria.
The RP component survey design was based on the last origin-destination survey implemented in Santiago (i.e. a travel diary filled under an activity recall framework). Relevant level-of-service measures at different time periods were obtained from GPS data measured from instrumented vehicles in the public and private transport networks. A SP-off-RP optimal design considering dependence among attribute levels was also developed. Finally, several 1–7 Likert scale questions were included to incorporate the latent variables.
Findings – The survey methodology described in this chapter represents a successful experience in terms of collecting high quality data, from different sources, with the aim of estimating appropriate time-of-day choice models. The data collection process was carried out in different stages, by means of web pages, email, and personal interviews. The data was further enriched with level-of-service attributes measured at different times of the day with unusual precision. Preliminary results reported in this chapter show that data obtained through this methodology are appropriate to model time-of-day choices.
Originality/value of chapter – The novelty of the survey methodology described in this chapter is the collection of data of a different nature for time-of-day choice modelling through the integration of different collection techniques.
Acquisition of very precise information about preferred departure/arrival times, level of service at different times of the day, detailed information about flexibility in schedules, employment information and attitudes towards departure times, should allow practitioners to estimate hybrid time-of-day choice models incorporating latent variables.