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The economic role of valuers in real property markets
[Arbeitspapier]
Körperschaftlicher Herausgeber
Helmholtz-Zentrum für Umweltforschung - UFZ
Abstract 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... mehr
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.... weniger
Thesaurusschlagwörter
Immobilien; Markt; Bewertung; Informationsgewinnung; Informationsökonomik; Eigentumsrecht; ökonomischer Wert; Transaktionskosten; Principal-Agent-Modell; Gutachter; Bodennutzung; Altlasten; Risikoabschätzung; Bodenpreis; Brandenburg; Bundesrepublik Deutschland
Klassifikation
Wirtschaftssektoren
Freie Schlagwörter
asymmetric information; information and product quality; real estate services
Sprache Dokument
Englisch
Publikationsjahr
2015
Erscheinungsort
Leipzig
Seitenangabe
42 S.
Schriftenreihe
UFZ Discussion Papers, 13/2015
ISSN
1436-140X
Status
Veröffentlichungsversion; begutachtet
Lizenz
Creative Commons - Namensnennung, Nicht-kommerz., Weitergabe unter gleichen Bedingungen