Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/121475
Authors: 
Bartke, Stephan
Year of Publication: 
2015
Series/Report no.: 
UFZ Discussion Papers 13/2015
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 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.
Subjects: 
Transaction Costs
Asymmetric Information
Property Law
Information and Product Quality
Real Estate Services
Contaminated Land
JEL: 
D23
D82
K11
L15
L85
Document Type: 
Working Paper

Files in This Item:
File
Size
634.89 kB





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.