Valuations: A Problem‐Solving Imperative

Whipple, R. T. M.

doi:10.1108/14635789110031001

Cited by 11 publications

(17 citation statements)

References 4 publications

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“…Also, valuers play a major part of restoring normalcy and trust to property markets (Coester, 2015), which is central to efficient functioning of a country's economy, society and the environment (Wilkinson et al, 2017). In the property literature, valuation decision making is conceptualised as a predominantly rational, analytical and step-by-step process (Whipple, 1990;Amidu and Boyd, 2018). However, Diaz (1990a;1990b) and Diaz et al (2002) argue that optimal valuation decision making may require departure from the preferred rational approach to a more intuitive approach, which uses heuristics (rules of thumb) in order to overcome natural processing limitations due to time or restricted information (Kahneman, 2011).…”

Section: Introductionmentioning

confidence: 99%

A Study of the Interplay between Intuition and Rationality in Valuation Decision Making

Amidu

Boyd

Gobet

2019

Journal of Property Research

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There is widespread acceptance that both intuition and rationality can play significant roles in valuation decision making. However, a study that specifically examines how intuitive and rational approaches interact is still missing. This study addresses this gap by applying cognitive theories of information processing and using a very detailed analysis of verbal protocols to propose a model of cognitive structure that identifies and describes the reasoning of property valuers during a commercial valuation task. The empirical data suggest that valuers start with an established goal and then engage in analytical and intuitive thinking until a valuation outcome has been reached. It is argued that a major reason for effective valuation decision making, in a real-world context, is that the cognitive processes required by experts' analytical and intuitive thinking demonstrate greater degree of cohesiveness and interestedness. The ability of valuers to integrate more intuition into their largely rational decision making process suggests the need for valuation professional organisations to formally acknowledge intuition as an important component of valuation professional competence and skill requirement and to customise professional valuers' training and development programs to facilitate the development of appropriate intuitive approaches for effective valuation decision making

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Section: Introductionmentioning

confidence: 99%

A Study of the Interplay between Intuition and Rationality in Valuation Decision Making

Amidu

Boyd

Gobet

2019

Journal of Property Research

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“…The results of this stage will inform the actual valuation process, as this stage provides the required input data that is necessary for determining the damages suffered due to the contamination. Whipple (1993) was of the opinion that fields of study like Valuation which are fundamentally healthy, exhibit a process of intellectual growth and development. This growth involves rethinking the process followed by professional valuers in executing valuation assignments to meet the needs of their clients, avoid malfeasance and enrich their practice, and this is what the proposed framework is designed to achieve.…”

Section: Phase Iii: Remediationmentioning

confidence: 99%

Economic Value Determination as a Strategy for Building Resilient Communities in the Niger Delta Region

Akujuru

Ruddock

2016

International Journal of Strategic Property Management

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In a novel approach to disaster resilience that embodies a multidisciplinary problem solving process in determining the value of damaged property, a framework has been developed for determining the economic value of damages to property due to contamination from human-caused oil spill disaster in the Niger Delta. The framework will result in a reduction of the recovery process of affected communities following an oil spill as they know in advance what will be done and result in standardisation of the valuation process. it will enable the polluter to know the cost of their malfeasance and provide the property owners with the economic value of their polluted property to enable them to continue their livelihood. Professional valuers and property owners are very dissatisfied with the current practice without a standard framework and oil company operators hardly realise the economic cost of disasters imposed on the communities. Reviewing the theory and practice of economic value and ecosystem valuation, a mixed-methodology was employed using questionnaires and expert interviews to ascertain how contaminated wetland property is valued, the professionals involved and their respective roles. The proposed framework will provide a systematic process leading to the determination of the economic value of damages due to contamination of wetlands property.

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“…However, given the client's economic incentive relating to valuations, the client-valuer agency relationship may give rise to conflicts of interest. A common type of conflict of interest, as cited in the Barnard Report (1986), is the tendency of valuers to a "client advocacy appraising" in anticipation of future business (Whipple, 1991). Studies by Kinnard et al (1997), Levy and Schuck (1999) and , have proved the existence of client influence on valuations and observed that valuers are prepared to change their values to align with the client's expectations.…”

Section: Background To the Researchmentioning

confidence: 99%