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Expert Judgment in the Processes of Commercial Property Market Forecasting
This paper examines the ways in which human subjective judgment impacts on the process of real estate market forecast production and the consequent effects on outcomes. In so doing, the research draws upon concepts both from cognitive psychology and from principal-agent theory that emphasize the potential of biases and incentives...
Valuation Accuracy: Reconciling the Timing of the Valuation and Sale
This study uses valuations and sales data to attempt to identify the date that sale data is divulged to valuers. This information will inform accuracy studies that use a cut-off date as to the closeness of valuations to sales completion date as a yardstick for excluding data from the analysis....
Timing and the Holding Periods of Institutional Real Estate
In this paper, data from the Investment Property Databank are used to investigate sales rate and holding period for UK institutional real estate between 1981 and 1994. Sales rates are investigated using the Cox proportional hazards framework. The results show longer holding periods than those claimed by investors. There are...
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