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					                                            Mass Appraisal Methods
                                            An International Perspective for Property Valuers

                                            This book takes a cross-disciplinary and cross-cultural look at mass appraisal expertise for
                                            property valuation in different market conditions, and offers some cutting- edge
                                            approaches.

                                            The editors establish an international platform and present the scientific debate as well
                                            as practical feasibility considerations. Heretic and orthodox valuation methods are
                                            assessed based on specific criteria, partly technical and partly institutional.
                                            Methodological evaluation is approached using two types of criteria: operational
                                            concerns about how to determine property value differentials between spatial and
                                            functional units of real estate in a valid and reliable way (technical criteria); and the kind
                                            of market circumstances being operated in (institutional criteria). While technical criteria
                                            are relatively well-researched, there is little theoretically informed work on the
                                            connection between country context and selection of property appraisal methods.

                                            The book starts with an examination of current mass property appraisal practices,
                                            presenting case studies from widely differing markets - from the American and Dutch,
                                            where regression-based methods have been used successfully for some time; to the
                                            Eastern European and other emerging economies, where limitations have to be
                                            compensated by focusing on the modelling assumptions. The second part of the book
                                            looks at sophisticated modelling approaches, some of which represent combinations of
                                            elements from two or more techniques. In the final section, methods are evaluated and
                                            compared according to technical criteria and against institutional contexts.
Authors/Editors
                                            With its exceptionally wide coverage of valuation issues, Mass Appraisal Methods: an
                                            international perspective for property valuers addresses property valuation problems
                                            common to different countries and approaches applicable in both developed and
Tom Kauko                                   emerging economies.
Universitetssenteret Dragvoll
and                           Contents:
                              1 Introduction: Suitability Issues in Mass Appraisal Methodology (Tom Kauko and Maurizio
Maurizio d'Amato              d’Amato).
University of Bari            PART I MASS APPRAISAL PRACTICE AND RECOMMENDATIONS.
                              2 Data Issues Involved with the Application of Automated Valuation Methods: A Case Study (John F.
                                            Thompson, Jr).
                                            3 The Modified Comparable Sales Method as the Basis for a Property Tax Valuations System and its
Cloth                                       Relationship and Comparison to Spatially Autoregressive Valuation Models (Richard A. Borst and
                                            William J. McCluskey).
1-4051-8097-8                               4 Automated Valuation in the Dutch Housing Market: The Web-Application 'MarktPositie' Used by
978-1-4051-8097-9                           NVM-Realtors (Dree Op ’t Veld, Emma Bijlsma and Paulien van de Hoef).
                                            5 Using Fuzzy Numbers in Mass Appraisal: The Case of the Belarusian Property Market (Maurizio
£75.00 / €101.30                            d’Amato and Nikolai Siniak).
                                            PART II CURRENT ADVANCED METHODS.
Title Due: August 2008                      6 Mass Appraisal, Hedonic Price Modelling and Urban Externalities: Understanding Property Value
                                            Shaping Processes (François Des Rosiers and Marius Thériault).
                                            7 Residuals Analysis for Constructing ‘More Real’ Property Value (Małgorzata Renigier).
                                            8 The Hierarchical Trend Model (Marc K. Francke).
                                            PART III EMERGING METHODS.
                                            9 Developing Mass Appraisal Models with Fuzzy Systems (Marco Aurélio Stumpf González).
                                            10 Utterly Unorthodox Modelling for the Purposes of Mass Appraisal: An Approach Based on
                                            Patterns and Judgments (Tom Kauko).
                                            11 Rough Set Theory as Property Valuation Methodology: The Whole Story (Maurizio d’Amato).
                                            PART IV COMPARISON OF TOOLS USING A SET OF SPECIFIC CRITERIA.
                                            12 Technical Comparison of the Methods Including Formal Testing of Accuracy and Other
                                            Modelling Performance Using Own Data Sets and Multiple Regression Analysis (Richard A. Borst,
                                            François Des Rosiers, Małgorzata Renigier, Marco Aurélio Stumpf González, Tom Kauko and
                                            Maurizio d’Amato).
                                            13 Property Market Classification and Mass Appraisal Methodology (Maurizio d’Amato and Tom
                                            Kauko).
                                            PART V CONCLUSION.
14 Automated Valuation Methods, Empirical Modelling of Value, and Systems for Market Analysis
(Tom Kauko). Kauko).