| Summary: | 碩士 === 國立臺北大學 === 地政學系 === 92 === According to the various factors that affect the real estate value, the real estate valuators/appraisers will determine the economic value of a given subject property. Therefore, real estate valuation is considered as economic behavior of rational analysis. The development of real estate valuation discipline had reached its peak in the 1960s along with the sophistication of the rational behavioral analysis methodology and its theory. However, observation of the real estate valuation process, one often found the value determination was affected by the behavioral pattern of individual appraiser. For example, factors such as clients, the former valuation result, or the pervious transaction value of the subject property all influence the final appraised value. These influences constantly occurred in the valuation process, which cast the doubt on whether the rational analysis is applicable to the valuation behavior or not.
The 1980s saw the combination of the finance theory with the prospect theory, which let to the theoretical development of behaviorism, heuristic-driven bias, and framing dependence. This study is based on the behaviorism, and through practical observation and interviews of senior appraisers to understand the behavior patterns of value determination of real estate appraisers. Findings of the study show that the domestic real estate valuation system is still in its infancy. Under the circumstances of severe business competition, non-transparency of the trade information, immature professional technology, the appraisers─while estimating the value ─will be affected by other information that leads to the deviation away from the normal process. In addition, the level of experience of the appraisers and their degree of familiarity with the local property market will further affect the valuation behavior pattern, and thus contributing to the heuristic-driven bias.
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