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Real estate valuation, cognitive risk, and translational research

Real estate valuation, cognitive risk, and translational research Purpose – This paper seeks to consider selected aspects of the relationship between real estate valuation, human cognition, and translational research. Its purpose is to introduce the concept of cognitive risk, to propose a framework for mitigating it, and to develop a stream of translational research to transfer knowledge to real estate valuers. Design/methodology/approach – The paper takes an interdisciplinary conceptual approach towards the development and study of cognitive risk, and its mitigation. It proposes to broaden the study of behavioral issues in real estate valuation beyond cognitive psychology to cognitive science, and also fields such as time studies and human failure, in order to identify and mitigate cognitive risk. Findings – The paper offers a framework as a starting‐point for handling cognitive risk. It borrows the concept of translational research from medicine to discuss how basic theoretical knowledge may be communicated to real estate valuers to improve performance. Originality/value – The paper's concept of cognitive risk and discussion of its mitigation will enrich behavioral real estate by introducing the wisdom of other fields such as cognitive science and time studies. These fields have much to say about managing the risk surrounding human cognition, and will be of both academic and practical value to the discipline of real estate valuation. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Property Investment & Finance Emerald Publishing

Real estate valuation, cognitive risk, and translational research

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Publisher
Emerald Publishing
Copyright
Copyright © 2011 Emerald Group Publishing Limited. All rights reserved.
ISSN
1463-578X
DOI
10.1108/14635781111150303
Publisher site
See Article on Publisher Site

Abstract

Purpose – This paper seeks to consider selected aspects of the relationship between real estate valuation, human cognition, and translational research. Its purpose is to introduce the concept of cognitive risk, to propose a framework for mitigating it, and to develop a stream of translational research to transfer knowledge to real estate valuers. Design/methodology/approach – The paper takes an interdisciplinary conceptual approach towards the development and study of cognitive risk, and its mitigation. It proposes to broaden the study of behavioral issues in real estate valuation beyond cognitive psychology to cognitive science, and also fields such as time studies and human failure, in order to identify and mitigate cognitive risk. Findings – The paper offers a framework as a starting‐point for handling cognitive risk. It borrows the concept of translational research from medicine to discuss how basic theoretical knowledge may be communicated to real estate valuers to improve performance. Originality/value – The paper's concept of cognitive risk and discussion of its mitigation will enrich behavioral real estate by introducing the wisdom of other fields such as cognitive science and time studies. These fields have much to say about managing the risk surrounding human cognition, and will be of both academic and practical value to the discipline of real estate valuation.

Journal

Journal of Property Investment & FinanceEmerald Publishing

Published: Jul 12, 2011

Keywords: Real estate valuation; Cognitive risk; Translational research; Paradigm; Real estate; Assets valuation

References