Iroham, C.O. and Durodola, O. D. and Oluwatobi, A. O. and Peter, Nkolika Joy (2015) A Search for Application Level of Heuristics In Property Valuation In Three Nigeria Cities. In: International Real Estate Research Symposium , 2014, Malasia.
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Abstract
Heuristics research in property valuation had been confined to anchoring and adjustment at the neglect of the other three, Availability, Representative and Positivity Heuristics. More so, majority of previous studies have been restricted to Lagos Metropolis. Recently a study was carried out to discover the existence of major heuristics in two other prominent cities in Nigeria; namely, Abuja and Port-Harcourt. The present study is aimed at determining the level of application of heuristics in property valuation in the three cities. The study is a cross-sectional survey and entailed the distribution of questionnaires to 159 Head Offices of Estate Surveying Firms in Lagos Metropolis and 29 and 39 of such offices in Abuja and Port-Harcourt respectively. Standard deviation of the Mean of frequency in usage of heuristics in 20 property valuations carried out reveals that Availability Heuristics is mostly predominant in the three cities: Lagos Metropolis (X=7.93; a=6.408); Abuja (X=9.94; a=5.651) and Port-Harcourt (X=S.35; a=4.911). The study therefore recommends that confinement to anchoring and adjustment will result to superfluxity of research and consequently focus should be on availability heuristics due to its predominance in usage
| Item Type: | Conference or Workshop Item (Paper) |
|---|---|
| Uncontrolled Keywords: | Heuristics, Behavioural Research, property valuation, Lagos Metropolis, Abuja, Port-Harcourt |
| Subjects: | T Technology > TH Building construction |
| Divisions: | Faculty of Engineering, Science and Mathematics > School of Civil Engineering and the Environment |
| Depositing User: | Mrs Hannah Akinwumi |
| Date Deposited: | 09 Mar 2016 16:21 |
| Last Modified: | 09 Mar 2016 16:21 |
| URI: | http://eprints.covenantuniversity.edu.ng/id/eprint/6434 |
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