Confirmation bias in the valuation process: a test for corroborating evidence

Paul Gallimore

114 citations0/0 files storedJournal of Property Research

No readable copy stored yet — this record is metadata only.

No open-access location is known for this record yet.

Literature note Cite in a project Citation map

Decision-Making and Behavioral Economics Housing Market and Economics Urban Planning and Valuation

Abstract

Valuations and appraisals are the product of human judgement. This paper explores the contention that such judgement may incorporate elements of cognitive bias. It assumes that a clearer grasp of the impact of such bias may assist in understanding what leads to 'inaccuracy' in valuations. It outlines the case for questioning the validity of the rational assumptions that underlie models of valuation behaviour, and focuses upon one particular form of deviation from rationality: confirmation bias. It presents and discusses the results of a survey designed to test for associations of characteristics that might support the case for the presence of confirmation bias in valuer behaviour. It concludes that the case for the presence of confirmation bias is unproved.

Paper brief

Loading…

Cite this work

Citation unavailable for this work.

BibTeX RIS CSL-JSON

No public copy is stored for this record, so only the metadata is cited.

Citations in this library

Citation map →

Stored only when both papers are in the corpus — 114 citations exist upstream.

References

1976Task complexity and contingent processing in decision making: An information search and protocol analysis 1987Experts, amateurs, and real estate: An anchoring-and-adjustment perspective on property pricing decisions 1990Bias in Human Reasoning: Causes and Consequences 1981Accounting and human information processing : theory and applications

Cited by

2000Valuation accuracy, variation and bias in the context of standards and expectations 1998Neural networks: the prediction of residential values 2017Behavioral Real Estate 1997Price‐knowledge‐induced bias: a cross‐cultural comparison 1999The first decade of behavioral research in the discipline of property 2007Exploring office investment decision‐making in different European contexts 2000Decision making in small property companies 2003Behavioral Research in Real Estate: A Search for the Boundaries

Explore the map →

Papers that cite the same references — the relational fallback while embeddings are still backfilling.

Imported from OpenAlex (CC0) — nothing here is generated.