"The first of these meanings implies what is known, in the UK, as the valuation process or, in the US, as the appraisal process. This process seeks to estimate what is termed 'Market Value', which is a prediction of the most likely selling price for an asset. There is now widespread acceptance...

The special, dual nature of property as both a consumption and an investment goodmakes it salient for portfolio choice. In fact, the theoretical literature predicts a con-straint imposed by property on investment and the empirical literature has broughtevidence that this constraint, in some...

The dual nature of property as both a consumption and an investment good makes itdifficult for households to decide how much capital to allocate to it. In fact, the theoreticalliterature predicts a constraint imposed by property on investment and the empiricalliterature has brought evidence that...