Valuation judgement bias has been a research topic for several years due to its proclaimed effect on valuation accuracy. However, little is known on the emphasis of literature on judgement bias, with regard to, for instance, research methodologies, research context and robustness of research evidence. A synthesis of available research will establish consistency in the current knowledge base on valuer judgement, identify future research opportunities and support decision-making policy by educational and regulatory stakeholders how to cope with judgement bias. This article therefore, provides a systematic review of empirical research on real estate valuer judgement over the last 30 years. Based on a number of inclusion and exclusion criteria, we have systematically analysed 32 relevant papers on valuation judgement bias. Although we find some consistency in evidence, we also find the underlying research to be biased; the methodology adopted is dominated by a quantitative approach; research context is skewed by timing and origination; and research evidence seems fragmented and needs replication. In order to obtain a deeper understanding of valuation judgement processes and thus extend the current knowledge base, we advocate more use of qualitative research methods and scholars to adopt an interpretative paradigm when studying judgement behaviour.
DOCUMENT
This thesis provides an examination of judgement autonomy of Dutch commercial real estate valuers in relation to client orientation. The valuation of commercial real estate such as offices or retail properties requires in-depth analysis due to its uniqueness by location, building type and usage details. Essentially, a register-valuer is qualified and instructed to assess a property value to one’s best cognitive effort and inform others of this outcome by means of a valuation report. In the Netherlands, concerns over independence risks and client-related judgement risks of valuers have been raised by regulative authorities as the Dutch Central Bank (DNB) and the Dutch Authority for the Financial Markets (AFM). A significant part of these concerns followed the 2008 financial crisis, which appeared to be at least partially driven by unreliable and incomparable valuations of Dutch commercial real estate (AFM, 2014; DNB, 2012; 2015). Among other things, these concerns led to the instigation of the Nederlands Register Vastgoed Taxateurs (NRVT) in 2015. NRVT is a new Dutch central register of valuation practitioners set up in order to improve self-regulation, quality control and compliance of valuation practitioners. Currently, the chamber for commercial real estate valuation holds about 2,000 commercial valuation registrations (NRVT, 2020). The introduction of NRVT, and other measures taken, reflect an instrumental view towards enhancing professionalism of Dutch valuers. This view is based on a systematic orientation to professional conduct in which good practice is primarily objectively determined (Van Ewijk, 2019). However, Wassink and Bakker (2016) point out that individuals make personal choices in order to deal with work complexity. Insight into and reflection on individual choices is part of what is referred to as normative aspects of professionalisation: what norms prevail in individual judgement and decision-making and why (Van Ewijk, 2019). In this regard, insight into judgement reasoning of valuation practitioners may contribute to normative levels of professional development of valuers. The need for such is expressed through community concerns over how individual judgement autonomy may become subdued due to instrumental-driven developments taking place in the sector. The combination of authoritative concerns over professional quality in the Netherlands and lack of (scientific) insight on how client influence affects judgement in valuation practice poses a problem: How may practitioners address client-related judgement bias risks and improve valuation accuracy from this viewpoint, if little is known on how such risks may occur in daily practice? The seemingly scarce scientific insights available in this regard in the Netherlands may also prevent educational programs to adequately address valuer independence and objectivity risks in relevant training programs. In order to address this knowledge gap, the present PhD research examines the following research problem: 169 Summary “How does client orientation affect professional judgement autonomy of commercial real estate valuers in the Netherlands?” The term ‘client orientation’ should be broadly interpreted and may refer to valuers’ perception, understanding and meaning given to alleged, actual or anticipated client-related aspects. Information on such client aspects is not required for the performance of valuation instructions. It should also be noted that this research examines the context of how client orientation may affect valuer judgement reasoning patterns during work practice, yet not its effect in terms of decision on final value opinion.
MULTIFILE
Vocational education aims at preparing students for their future as professionals; thus, students are often required to undergo a form of on-the-job learning. Assessment of professional performance during on-the-job learning is not based on single observations, but on prolonged participation at the workplace culminating in judgement by a workplace educator. However, little is known about how educators reach a judgement. This paper, therefore, aims at exploring how educators inform their judgements about students’ professional performance. We consider the workplace to be a participatory learning environment, which entails that judgement about professional performance should be made in relation to the community students participated in and that the educator from that community has a central role. Our study takes an explorative approach based on interviews and uses template analysis to generate insight. Findings revealed that educators use multiple strategies to gather and process information about students to inform their judgement. Findings also showed that assessment starts at the first meeting, when the educator forms a first impression of the student and judges whether or not the student is suitable for the job. Educators at the workplace also showed that they are aware of the context in which they form their judgement.
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Studenten in het beroepsonderwijs leren op de werkplek om een goede beroepsuitoefenaar te worden. Beoordeling van het werkplekleren gebeurt vaak op de werkplek en door de werkplek. Dit promotieonderzoek wil in kaart brengen hoe werkplekopleiders de student beoordelen.
Society continues to place an exaggerated emphasis on women's skins, judging the value of lives lived within, by the colour and condition of these surfaces. This artistic research will explore how the skin of a painting might unpack this site of judgement, highlight its objectification, and offer women alternative visualizations of their own sense of embodiment. This speculative renovation of traditional concepts of portrayal will explore how painting, as an aesthetic body whose material skin is both its surface and its inner content (its representations) can help us imagine our portrayal in a different way, focusing, not on what we look like to others, but on how we sense, touch, and experience. How might we visualise skin from its ghostly inner side? This feminist enquiry will unfold alongside archival research on The Ten Largest (1906-07), a painting series by Swedish Modernist Hilma af Klint. Initial findings suggest the artist was mapping traditional clothing designs into a spectral, painterly idea of a body in time. Fundamental methods research, and access to newly available Af Klint archives, will expand upon these roots in maps and women’s craft practices and explore them as political acts, linked to Swedish Life Reform, and knowingly sidestepping a non-inclusive art history. Blending archival study with a contemporary practice informed by eco-feminism is an approach to artistic research that re-vivifies an historical paradigm that seems remote today, but which may offer a new understanding of the past that allows us to also re-think our present. This mutuality, and Af Klint’s rhizomatic approach to image-making, will therefore also inform the pedagogical development of a Methods Research programme, as part of this post-doc. This will extend across MA and PhD study, and be further enriched by pedagogy research at Cal-Arts, Los Angeles, and Konstfack, Stockholm.
Werknemers en werkgevers in de Groen Grond Infra (GGI) sector krijgen een steeds grotere rol in de natuurinclusieve transitie binnen de agrarische sector en GGI. Deze groene transitie vereist verschillende soorten kennis, investeringen en inzet van loonwerkers. De betrokken loonwerkers moeten nu niet alleen taken uitvoeren maar ook meedenken over hoe die taken uit te voeren om bij te dragen aan de groene transitie. Een belangrijk onderdeel van deze verandering is dat werknemers als "change agents" gaan optreden. Dit betekent dat ze, dankzij hun kennis en houding, helpen om de groene transitie te realiseren. De GGI-sector omvat veel verschillende werkterreinen, zoals cultuurtechniek, agrarisch loonwerk en beheer van groene ruimtes. Om studenten op te leiden voor de arbeidsmarkt in deze diverse sector, is een nieuwe aanpak nodig. Deze aanpak moet de diversiteit van de sector bedienen en studenten stimuleren om een ondernemende en duurzame rol aan te nemen. Bedrijven, studenten, docenten, onderzoekers en andere betrokkenen gaan in een praktijkonderzoek een leeromgeving creëren die opleidt voor deze "change agents". In dit pilot-onderzoek werken studenten, bedrijven, een docent-onderzoeker, een practor en lector samen met vraaggestuurd onderwijs. Dit betekent dat de leerbehoeften van de studenten centraal staan, binnen kaders van duurzaamheid en natuurinclusiviteit. Het bedrijfsleven en het onderwijs faciliteren het leerproces, bewaken de kaders en reflecteren met de studenten op hun toekomstige rol als "change agents" in de GGI-sector. Het doel van dit pilot-onderzoek is dat studenten GGI(loonwerk) vaardigheden en tools ontwikkelen om mee te denken binnen de groene transitie. Door middel van interviews, Situational Judgement Tests en rubrics wordt inzicht verkregen in dit proces. De onderzoeksvraag is: Hoe kan vraaggestuurd onderwijs, vormgegeven door studenten, bedrijfsleven en Terra MBO, bijdragen aan een ondernemende houding bij GGI-studenten, zodat zij beter kunnen functioneren als "change agents" in toekomstbestendig loonwerk?
