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Article: Alternative theories of appraisal bias

TitleAlternative theories of appraisal bias
Authors
Issue Date2006
PublisherAmerican Real Estate Society. The Journal's web site is located at http://cbeweb-1.fullerton.edu/finance/jrel/about/default.htm
Citation
Journal Of Real Estate Literature, 2006, v. 14 n. 3, p. 321-344 How to Cite?
AbstractThis paper reviews the literature on appraisal bias and summarizes three hypotheses for systematic bias: behavior contention, options-value, and different-base-of-valuation. A case study based in Hong Kong is presented that portrays empirical evidence of appraisal bias in land premiums. Land premium appraisals are analyzed because they can help keep the depreciation factor constant and provide good pairs of transaction price and estimate. These appraisals are collected from published estimates, which eliminate the client-agent heuristic. Among the 343 appraisals of land premiums for 109 auctions of land in Hong Kong from 1991 to 1999, evidence of an 8% systematic appraisal downward bias is found in appraisers' estimates against the final bid prices. Although it can be explained plausibly by appraiser-behavior contention, there is also empirical evidence supporting the other two hypotheses.
Persistent Identifierhttp://hdl.handle.net/10722/167147
ISSN
2015 SCImago Journal Rankings: 0.476
References

 

DC FieldValueLanguage
dc.contributor.authorYiu, CYen_HK
dc.contributor.authorTang, BSen_HK
dc.contributor.authorChiang, YHen_HK
dc.contributor.authorChoy, LHTen_HK
dc.date.accessioned2012-09-28T04:04:36Z-
dc.date.available2012-09-28T04:04:36Z-
dc.date.issued2006en_HK
dc.identifier.citationJournal Of Real Estate Literature, 2006, v. 14 n. 3, p. 321-344en_HK
dc.identifier.issn0927-7544en_HK
dc.identifier.urihttp://hdl.handle.net/10722/167147-
dc.description.abstractThis paper reviews the literature on appraisal bias and summarizes three hypotheses for systematic bias: behavior contention, options-value, and different-base-of-valuation. A case study based in Hong Kong is presented that portrays empirical evidence of appraisal bias in land premiums. Land premium appraisals are analyzed because they can help keep the depreciation factor constant and provide good pairs of transaction price and estimate. These appraisals are collected from published estimates, which eliminate the client-agent heuristic. Among the 343 appraisals of land premiums for 109 auctions of land in Hong Kong from 1991 to 1999, evidence of an 8% systematic appraisal downward bias is found in appraisers' estimates against the final bid prices. Although it can be explained plausibly by appraiser-behavior contention, there is also empirical evidence supporting the other two hypotheses.en_HK
dc.languageengen_US
dc.publisherAmerican Real Estate Society. The Journal's web site is located at http://cbeweb-1.fullerton.edu/finance/jrel/about/default.htmen_HK
dc.relation.ispartofJournal of Real Estate Literatureen_HK
dc.titleAlternative theories of appraisal biasen_HK
dc.typeArticleen_HK
dc.identifier.emailYiu, CY: ecyyiu@hkucc.hku.hken_HK
dc.identifier.emailTang, BS: bsbstang@hku.hken_HK
dc.identifier.authorityYiu, CY=rp01035en_HK
dc.identifier.authorityTang, BS=rp01646en_HK
dc.description.naturelink_to_subscribed_fulltexten_US
dc.identifier.scopuseid_2-s2.0-33750583461en_HK
dc.relation.referenceshttp://www.scopus.com/mlt/select.url?eid=2-s2.0-33750583461&selection=ref&src=s&origin=recordpageen_HK
dc.identifier.volume14en_HK
dc.identifier.issue3en_HK
dc.identifier.spage321en_HK
dc.identifier.epage344en_HK
dc.publisher.placeUnited Statesen_HK
dc.identifier.scopusauthoridYiu, CY=9248825800en_HK
dc.identifier.scopusauthoridTang, BS=7402560881en_HK
dc.identifier.scopusauthoridChiang, YH=7201593363en_HK
dc.identifier.scopusauthoridChoy, LHT=6603789040en_HK

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