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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

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To link to this item DOI: 10.1080/09599916.2013.819519


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
Divisions:Henley Business School > Real Estate and Planning
ID Code:34923
Uncontrolled Keywords:appraisal smoothing, anchoring behaviour, decision support, heuristic

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