By Manya M. Mooya
This monograph severely experiences and updates genuine property valuation conception, that's in keeping with neoclassical economics, in mild of advancements in heterodox fiscal concept. development on a finished historic account of the evolution of price thought, the e-book makes use of new institutional economics thought and demanding realism as lenses by which difficulties in general valuation concept and perform are expatiated, and because the beginning for an alternate idea. the recent thought is hired to provide an explanation for significant difficulties in actual property valuation which are past the aptitude of the normal concept, equivalent to expense bubbles in genuine property markets, anchoring bias, customer impression and valuation lower than doubtful industry conditions.
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Additional info for Real Estate Valuation Theory: A Critical Appraisal
Example text
The principle underlying all this is reflected in the traditional income method of valuation that is widely practiced today. The problem of rent was also dealt with in connection with the value of land itself. Petty was apparently unaware that the value of land was related to the rate of interest. Thus instead of capitalising the return in term of the rate of interest, he suggested that the purchase price that will be paid for land depends on the number of years a prospective purchaser and his immediate descendants are likely to enjoy the rent.
These are the imperative to trade with total strangers on one hand, and the disconnection between the production processes for market goods from the parties to the exchange. These features require an external reference point for an appropriate exchange price, one that did not rely primarily on personal knowledge of production cost. Hence the ascendance of value-in-exchange, at the expense of value-in-use. In tandem with the increased commercialisation of social life, the second broad secular trend which has influenced value theory trend has been the increased reliance on rationality and reason in the conduct of human affairs, and a concomitant decline in superstition and religion.
What are the obligations of buyers and sellers with regard to transactions? Is it a sin to take usury for money lent? St. Thomas taught that value was a moral concept. To sell a thing for more than its worth he regarded as immoral. The notion of fairness has survived to the present as in the concept of fair market value (Appraisal Institute 1983). Beyond the emphasis on the moral nature of the just price, St. Thomas argued that everything had an intrinsic true value which was not necessarily the price at which it sold for.