The economic role of valuers in real property markets / Stephan Bartke. Helmholtz-Zentrum für Umweltforschung - UFZ, Department of Economics
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Discovery
837694256
URN
urn:nbn:de:gbv:3:2-79411
DOI
ISBN
ISSN
Autorin / Autor
Beiträger
Körperschaft
Erschienen
Leipzig : Helmholtz-Zentrum für Umweltforschung - UFZ, 2015
Umfang
Online-Ressource (PDF-Datei: 42 S., 0,62 MB) : graph. Darst.
Ausgabevermerk
Sprache
eng
Anmerkungen
Inhaltliche Zusammenfassung
Globally, real estate trade is highly regularized. Usually, the market value is not negotiated simply between the seller and potential buyer but based on an assessment performed by a professional valuer, known as a surveyor or appraiser. This paper inquires about the economic role of valuers in real estate markets. An institutionally embedded framework for valuation intermediation is developed that elucidates a multi-tiered imperfect information cascade. First, the valuer is understood as middleman counteracting information uncertainties on product quality of real estate. An additional constraint is constituted by information asymmetries between valuer and contractor. Drawing on New Institutional Economics, we discuss how the valuation professional with regularizations evolves globally as the superior institutional response to this cascade of information imperfections. A case of empirical evidence is provided for this concept of the regularized valuer.
Schriftenreihe
UFZ-Diskussionspapiere ; 2015,13 ppn:635135833