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Real estate valuation, cognitive risk, and translational research

Author

Listed:
  • Larry Wofford
  • Michael Troilo
  • Andrew Dorchester

Abstract

Purpose - This paper seeks to consider selected aspects of the relationship between real estate valuation, human cognition, and translational research. Its purpose is to introduce the concept of cognitive risk, to propose a framework for mitigating it, and to develop a stream of translational research to transfer knowledge to real estate valuers. Design/methodology/approach - The paper takes an interdisciplinary conceptual approach towards the development and study of cognitive risk, and its mitigation. It proposes to broaden the study of behavioral issues in real estate valuation beyond cognitive psychology to cognitive science, and also fields such as time studies and human failure, in order to identify and mitigate cognitive risk. Findings - The paper offers a framework as a starting‐point for handling cognitive risk. It borrows the concept of translational research from medicine to discuss how basic theoretical knowledge may be communicated to real estate valuers to improve performance. Originality/value - The paper's concept of cognitive risk and discussion of its mitigation will enrich behavioral real estate by introducing the wisdom of other fields such as cognitive science and time studies. These fields have much to say about managing the risk surrounding human cognition, and will be of both academic and practical value to the discipline of real estate valuation.

Suggested Citation

  • Larry Wofford & Michael Troilo & Andrew Dorchester, 2011. "Real estate valuation, cognitive risk, and translational research," Journal of Property Investment & Finance, Emerald Group Publishing Limited, vol. 29(4/5), pages 372-383, July.
    • Handle: RePEc:eme:jpifpp:v:29:y:2011:i:4/5:p:372-383
    DOI: 10.1108/14635781111150303
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