期刊名称：International Journal of Strategic Property Management
印刷版ISSN：1648-715X
电子版ISSN：1648-9179
出版年度：2022
卷号：26
期号：2
页码：141-155
DOI：10.3846/ijspm.2022.16704
语种：English
出版社：Vilnius Gedinimas Technical University
摘要：Real estate valuation relies on real estate appraisers’ accurate assessments, which reflects the need to improve the objectivity of the valuation process. From the perspective of behavioral economics, appraisers are prone to numerous behavioral conflicts that could result in variations in their valuations. This study investigates the impacts of task complexity, overconfidence, confirmation bias, client influence, and anchoring on variations in real estate valuations. An online questionnaire was administered to 272 members of the Taiwan Real Estate Appraisers Association LINE group. Structural equation modeling was employed for analysis. A total of 150 valid responses were collected, yielding a valid response rate of 55.15%. The empirical results revealed that cognitive bias and client influence have significant and positive impacts on anchoring. Task complexity, overconfidence, and customer influence have significant and positive impacts on valuation variation. In addition to being the first study to explore the relationship between task complexity and valuation variation, this study also explored unconventional issues, such as the relationships between overconfidence, confirmation bias, and valuation variation. The results highlight the salience and value of behavioral economics-based analyses in empirical research on real estate valuation.
