Modelling aesthetic variables in the valuation of paintings: an interval goal programming approach

J Aznar and F Guijarro ()
Additional contact information
J Aznar: Universidad Politécnica de Valencia
F Guijarro: Universidad Politécnica de Valencia

Journal of the Operational Research Society, 2007, vol. 58, issue 7, 957-963

Abstract: Abstract The economic valuation of works of art is a decisive subject in the general field of valuation. Unlike in other areas of valuation, the explanatory power of the directly observable and quantifiable variables is very low, therefore, aesthetic criteria must be used to obtain valuation models with a greater explanatory power. Frequently, these aesthetic criteria are not always precise, and experts usually express them as an interval of values. This paper describes different valuation models that use the goal programming optimisation method to include explanatory variables of the closing price in the form of intervals of values. We have also modelled the possibility that an expert can determine the relevance of each observation in the formation of the valuation function depending on the degree of precision with which the variables have been defined.

Keywords: aesthetic variables; interval goal programming; investment; paintings; valuation (search for similar items in EconPapers)
Date: 2007
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (5)

Downloads: (external link)
http://link.springer.com/10.1057/palgrave.jors.2602218 Abstract (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:pal:jorsoc:v:58:y:2007:i:7:d:10.1057_palgrave.jors.2602218

Ordering information: This journal article can be ordered from
http://www.springer. ... search/journal/41274

DOI: 10.1057/palgrave.jors.2602218

Access Statistics for this article

Journal of the Operational Research Society is currently edited by Tom Archibald and Jonathan Crook

More articles in Journal of the Operational Research Society from Palgrave Macmillan, The OR Society
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().