Real Estate Valuation Theory A Critical Appraisal
This monograph critically reviews and updates real estate valuation theory, which is based on neoclassical economics, in light of developments in heterodox economic theory. Building on a comprehensive historical account of the evolution of value theory, t
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Real Estate Valuation Theory A Critical Appraisal
Real Estate Valuation Theory
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Manya M. Mooya
Real Estate Valuation Theory A Critical Appraisal
Manya M. Mooya Department of Construction Economics and Management University of Cape Town Rondebosch, South Africa
ISBN 978-3-662-49163-8 ISBN 978-3-662-49164-5 DOI 10.1007/978-3-662-49164-5
(eBook)
Library of Congress Control Number: 2016933049 # Springer-Verlag Berlin Heidelberg 2016 This work is subject to copyright. All rights are reserved by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. Printed on acid-free paper This Springer imprint is published by Springer Nature The registered company is Springer-Verlag GmbH Berlin Heidelberg
Preface
It has been over a century since Alfred Marshal and others created the basis for standard real estate valuation theory, by successfully merging the supply-side approaches of the classical scholars on value with the demand-side theories of the Austrian or marginal utility school. Neoclassical economic theory, which was the product of this synthesis, has been the dominant paradigm in economics for much of the past century and, continues to be so up to the present. Standard real estate valuation theory (and practice) thus largely reflects its roots in neoclassical (i.e. mainstream) economics. A critical assessment of the present state of real estate valuation theory and practice should come to the conclusion that it is in crisis in the Kuhnian sense. This state of affairs is, in turn, reflective of the deep malaise that mainstream economic theory finds itself in, a malaise that has been sharply accentuated by the 2008 global financial crisis. The unexpected and unforeseen collapse of real estate values in the USA which presaged that crisis provided a compelling indictment of the parlous state of mainstream economic theory generally, and real estate valuation theory more particularly. With regard to the latter, other, less dramatic, markers of crisis include declining academic research interest in the subject and failu
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