Cheng, Ping; Lin, Zhenguo; Liu, Yingchun - In: Journal of Real Estate Research 33 (2011) 4, pp. 443-470
This study examines the heterogeneous appraiser behavior and its implication on the traditional appraisal smoothing theory. We show that the partial adjustment model is consistent with the traditional appraisal smoothing argument only when all the appraisers choose the same smoothing technique....