Real Estate Valuation Theory A Critical Appraisal [Hardcover]

Thismonograph critically reviews and updates real estate valuation theory, which isbased on neoclassical economics, in light of developments in heterodox economictheory. Building on a comprehensive historical account of the evolution ofvalue theory, the book uses new institutional economics theory and criticalrealism as lenses through which problems in standard valuation theory andpractice are expatiated, and as the foundation for an alternative theory. Thenew theory is employed to explain major problems in real estate valuation thatare beyond the capability of the standard theory, such as price bubbles in realestate markets, anchoring bias, client influence andvaluation under uncertain market conditions.

Preface.- 1 Standard Theory of Real Estate Market Value: Concepts and Problems.- 2 Aristotle to Marshall: The Evolution of Economic Value Theory.- 3 Traditional Valuation Methods.- 4 Automated Valuation Models.- 5 Real Estate Markets and Neoclassical Economic Theory - A Heterodox Critique.- 6 An Alternative Theory of Market Value: Ontological Foundation.- 7 An Alternative Theory: Market Value as Convention and Market Value as Emergence.- 8 Applications to Problems of Theory and Practice.- Postscript.

Manya M. Mooya holds a PhD in RealEstate from the University of Pretoria, an MPhil in Land Economy from theUniversity of Cambridge and a BSc in Land Economy from the CopperbeltUniversity. He is currently Senior Lecturer in Property Studies in the Departmentof Construction Economics and Management at the University of Cape Town. Heteaches courses on property valuation at both the undergraduate andpostgraduate levels. His research work, both theoretical and applied, focuseson the twin questions of how value is created in real estate markets and on thelinks between these markets and capital accumulation. 

Thismonograph critically reviews and updates real estate valuation theory, whil£-