Real Estate Valuation Theory: A Critical Appraisal

Real Estate Valuation Theory: A Critical Appraisal
ISBN-10
3662491648
ISBN-13
9783662491645
Category
Business & Economics
Pages
185
Language
English
Published
2016-03-17
Publisher
Springer
Author
Manya M. Mooya

Description

This monograph critically reviews and updates real estate valuation theory, which is based on neoclassical economics, in light of developments in heterodox economic theory. Building on a comprehensive historical account of the evolution of value theory, the book uses new institutional economics theory and critical realism as lenses through which problems in standard valuation theory and practice are expatiated, and as the foundation for an alternative theory. The new theory is employed to explain major problems in real estate valuation that are beyond the capability of the standard theory, such as price bubbles in real estate markets, anchoring bias, client influence and valuation under uncertain market conditions.

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