Prior transaction price induced smoothing: testing and calibrating the Quan--Quigley model at the disaggregate level

J. Andrew Hansz

Journal of Property Research, 2005, vol. 21, issue 4, 321-336

Abstract: The quantitative partial adjustment model is described as theoretically optimal and rational appraiser behavior. Early research at the aggregate (or index) level supported this model and suggested a range in the adjustment parameter. Subsequent disaggregate (or individual property) level studies of appraiser behavior have provided limited testing and assessment of this approach. Despite no statistical evidence of smoothing behaviors from non‐appraisers, the results from this experiment indicated that prior transaction price knowledge did induce partial adjustment behaviors by expert appraisers. The present findings are combined with past empirical and experimental research to identify general adjustment parameter characteristics and to provide guidance in calibrating the model.

Date: 2005
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DOI: 10.1080/09599910500151194

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