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W. Salmon (1967)
The foundations of scientific inference
M.L. Downie, A. Adair, S. McGreal, G. Vos
The context of valuation practice in Europe
H. Lind, E. Persson
A market‐related concept of value that is not market value
N. French, P. Byrne
Concepts and models of value
F. Babcock
The appraisal of real estate
S.M. Locke, G.J. Horsley
Valuation standard and market price: ostriches and sacred cows
Graeme Horsley (1992)
Market Value: The Sacred CowJournal of Property Valuation and Investment, 10
RICS
Appraisal and Valuation Manual
T. Broadbent, I. Lakatos, A. Musgrave (1972)
Criticism and the Growth of KnowledgeThe Mathematical Gazette, 56
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Commercial Property Valuations
R. Ratcliff (1965)
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J. Shlaes
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TIAVSC
International Valuation Standard 1 Market Value Basis of Valuation
R.T.M. Whipple
Valuations for mortgage security and accounting information purposes
A.J. Jaffe, K. Lusht
The concept of market value: its origin and development
A weakness in most discussions about definitions of market value is that no explicit criteria for judging whether a definition is good or bad are presented. In this article three criteria are analysed: the definition should have a clear meaning, the definition should be such that it is possible to know, at least approximately, what the market value is, and finally that the definition should lead to a concept that is relevant for actors on the market. These three criteria are then used to analyse three questions: “Should the definition include a reference to prudent and knowledgeable actors?”, “Should the definition refer to willing buyers and sellers?” and finally, “How shall we interpret the concept of expected or probable price?” The answer to the first and second question is no. The answer to the third question is that a frequency interpretation of probability should be rejected in valuation contexts, in favour of an interpretation where probability is identified with a rationally justified degree of confidence.
Journal of Property Valuation and Investment – Emerald Publishing
Published: May 1, 1998
Keywords: Open market value; Prices
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