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An Investigation into the Impact of Previous Expert Value Estimates on Appraisal Judgment

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Author Info
Julian Diaz, III () (Department of Real Estate College of Business Administration Georgia State University Atlanta, Georgia 30302-4020)
Abstract

Is appraisal judgment influenced by the previous value estimates of other experts? This paper documents an investigation into this question. The literatures on appraisal smoothing and heuristic anchoring were explored to build a theoretical and empirical base. Research methods involved asking apprentice and expert appraisers, some supplied with the previous value estimate of an anonymous expert, to estimate the value of a vacant tract of industrial land. The strong support expected for the contention that appraisers are influenced by the previous value judgments of anonymous experts was not found. Whereas differences between the groups supplied with the previous value estimate and those who were not were in the direction consistent with anchoring, these results were not statistically significant, suggesting that anchoring may be more subtle than generally believed.

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File URL: http://aux.zicklin.baruch.cuny.edu/jrer/papers/pdf/past/vol13n01/v13p057.pdf
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Article provided by American Real Estate Society in its journal Journal of Real Estate Research.

Volume (Year): 13 (1997)
Issue (Month): 1 ()
Pages: 57-66
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Handle: RePEc:jre:issued:v:13:n:1:1997:p:57-66

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L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. Wright, William F. & Anderson, Urton, 1989. "Effects of situation familiarity and financial incentives on use of the anchoring and adjustment heuristic for probability assessment," Organizational Behavior and Human Decision Processes, Elsevier, vol. 44(1), pages 68-82, August. [Downloadable!] (restricted)
  2. David Geltner, 1989. "Estimating Real Estate's Systematic Risk from Aggregate Level Appraisal-Based Returns," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 17(4), pages 463-481. [Downloadable!] (restricted)
  3. Sterman, John D., 1989. "Misperceptions of feedback in dynamic decision making," Organizational Behavior and Human Decision Processes, Elsevier, vol. 43(3), pages 301-335, June. [Downloadable!] (restricted)
  4. Switzer, Fred S. & Sniezek, Janet A., 1991. "Judgment processes in motivation: Anchoring and adjustment effects on judgment and behavior," Organizational Behavior and Human Decision Processes, Elsevier, vol. 49(2), pages 208-229, August. [Downloadable!] (restricted)
  5. Quan, Daniel C & Quigley, John M, 1991. "Price Formation and the Appraisal Function in Real Estate Markets," The Journal of Real Estate Finance and Economics, Springer, vol. 4(2), pages 127-46, June.
  6. Roger G. Ibbotson & Laurence B. Siegel, 1984. "Real Estate Returns: A Comparison with Other Investments," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 12(3), pages 219-242. [Downloadable!] (restricted)
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(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Richard A. Graff & Michael S. Young, 1999. "The Magnitude of Random Appraisal Error in Commercial Real Estate Valuation," Journal of Real Estate Research, American Real Estate Society, vol. 17(1), pages 33-54. [Downloadable!]
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