The use of a pending mortgage reference point in valuation judgment

The use of a pending mortgage reference point in valuation judgment American real estate appraisers given identical valuation problems produced statistically different value estimates. The measured variable between experimental groups was an agency‐client treatment operationalized as a pending mortgage scenario. This finding is consistent with the view of anchoring as a routinized response to agent‐client concerns. Experienced appraisers may develop heuristic behaviors which subconsciously sensitizes them to agency‐client considerations. Although further research is warranted, this study provides initial experimental evidence of a causal link between agency‐client concerns and valuation bias. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Property Investment & Finance Emerald Publishing

The use of a pending mortgage reference point in valuation judgment

Journal of Property Investment & Finance, Volume 22 (3): 10 – Jun 1, 2004

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Publisher
Emerald Publishing
Copyright
Copyright © 2004 Emerald Group Publishing Limited. All rights reserved.
ISSN
1463-578X
DOI
10.1108/14635780410538177
Publisher site
See Article on Publisher Site

Abstract

American real estate appraisers given identical valuation problems produced statistically different value estimates. The measured variable between experimental groups was an agency‐client treatment operationalized as a pending mortgage scenario. This finding is consistent with the view of anchoring as a routinized response to agent‐client concerns. Experienced appraisers may develop heuristic behaviors which subconsciously sensitizes them to agency‐client considerations. Although further research is warranted, this study provides initial experimental evidence of a causal link between agency‐client concerns and valuation bias.

Journal

Journal of Property Investment & FinanceEmerald Publishing

Published: Jun 1, 2004

Keywords: Real estate; Assets valuation; Borrowing

References

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