The influence of a decision support tool on real estate valuations

Tidwell, O. and Gallimore, P. (2014) The influence of a decision support tool on real estate valuations. Journal of Property Research, 31 (1). pp. 45-63. ISSN 1466-4453 doi: 10.1080/09599916.2013.819519

Abstract/Summary

An appraisal task involves the rendering of market value, an unobservable and hypothetical construct. Direct feedback against this objective is typically not possible, so alternative feedback such as confirmation of previous appraised values may be employed. This may alter the appraiser’s perception of the valuation objective leading to divergence from the appraisal normative model. The real estate literature suggests appraisers have been susceptible to the influence of previous appraised values, often resulting in biased valuations. This research focuses on the efficacy of a decision support tool in eliminating or subduing this bias in the appraisal process.

Item Type	Article
URI	https://reading-clone.eprints-hosting.org/id/eprint/34923
Item Type	Article
Refereed	Yes
Divisions	Henley Business School > Real Estate and Planning
Uncontrolled Keywords	appraisal smoothing, anchoring behaviour, decision support, heuristic
Publisher	Routledge
Download/View statistics	View download statistics for this item