Statistics in the context of economic theory

Ewa Kucharska- Stasiak

Journal of Property Investment & Finance, 2023, vol. 41, issue 3, 290-299

Abstract: Purpose - The intent of this paper is to discuss the use of statistical mathematics in property valuation and the wider question concerning the role of mathematics in the field of economics. Design/methodology/approach - This paper reviews the evolution of the application of mathematics, including statistics in economics and drawing conclusions about applicability and effectiveness of quantitative modelling in property valuation. Findings - This paper discusses the future use of statistical models in valuation and the need to recognise the relationships between market participants and the increasingly complex environment, and their impact on value. This would suggest adopting modelling techniques from behavioural economics. Practical implications - This paper highlights the difference between quantitative and qualitative models and discusses the role that each can play in property valuation. Originality/value - This paper provides insights on the development of statistical modelling and discusses the application of the same in property valuation.

Keywords: Market value; Automated valuation models; AVM; Valuation standards; Statistical methods; Behavioural economics (search for similar items in EconPapers)
Date: 2023
References: Add references at CitEc
Citations:

Downloads: (external link)
https://www.emerald.com/insight/content/doi/10.110 ... d&utm_campaign=repec (text/html)
https://www.emerald.com/insight/content/doi/10.110 ... d&utm_campaign=repec (application/pdf)
Access to full text is restricted to subscribers

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eme:jpifpp:jpif-02-2023-0010

DOI: 10.1108/JPIF-02-2023-0010

Access Statistics for this article

Journal of Property Investment & Finance is currently edited by Nick French

More articles in Journal of Property Investment & Finance from Emerald Group Publishing Limited
Bibliographic data for series maintained by Emerald Support ().