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dc.contributor.authorSchulz, Raineren_US
dc.description.abstractAppraisals are needed for decision-making and for performance evaluation. Knowledge on the accuracy of valuation methods is of general interest for banks and investors. We assess the accuracy of the German Regulation on Valuation with monthly data on appraisals and prices for commercial apartment houses in Berlin, Germany from 1980 to 2000. The appraisals are compared with outcomes of the simpler capitalization method and are ranked better according to several prediction error measures. Nonparametric density estimates give the error distributions and investors can decide which method is preferable. Eventually, we explain short-run deviations between prices and appraisals by incompletely appraised object-specific factors and by market indicators.en_US
dc.publisherHumboldt-Universität Berlinen_US
dc.relation.ispartofseriesDiscussion Papers, Interdisciplinary Research Project 373: Quantification and Simulation of Economic Processes 2002,55en_US
dc.subject.keywordAppraisal Accuracyen_US
dc.subject.keywordDiscounted Valueen_US
dc.subject.keywordHouse Pricesen_US
dc.subject.keywordState Space Modelen_US
dc.titleReal estate valuation according to standardized methods: An empirical analysisen_US
dc.typeWorking Paperen_US
Appears in Collections:Discussion Papers, SFB 373, HU Berlin

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