Uncertainty phenomenon in property valuation

Wieslaw Meszek

International Journal of Management and Decision Making, 2007, vol. 8, issue 5/6, 575-585

Abstract: Property valuation in numerous cases is carried out based only on a few element transaction datasets. According to the valuation principles, this decides on the necessity to apply the method of comparing properties in pairs. The determination of the market value of property with the use of such method is in fact a procedure in uncertainty. The uncertainty occurring in the property valuation process may be construed on the basis of the theory of games, using two-player zero sum games – so-called games with Nature. The solutions based on the equilibrium phenomenon may play a significant complementary role in the property valuation process, including, but not limited to that of, valuation error analysis instrument.

Keywords: property valuation; uncertainty conditions; game theory; normalisation; error analysis. (search for similar items in EconPapers)
Date: 2007
References: Add references at CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
http://www.inderscience.com/link.php?id=13419 (text/html)
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:ids:ijmdma:v:8:y:2007:i:5/6:p:575-585

Access Statistics for this article

More articles in International Journal of Management and Decision Making from Inderscience Enterprises Ltd
Bibliographic data for series maintained by Sarah Parker ().