The History of Value Theory: The Early Years

Abstract

Twenty papers honor William N. Kinnard Jr. and his contributions to the advancement of real estate, both as an academic discipline and a professional practice. Part I contains original essays focusing on the history of value theory (Austin J. Jaffe and Kenneth M. Lusht); a question of value (Nick French); dealing with measurement error in real estate market analysis (John M. Clapp and Carmelo Giaccotto); the cost approach and functional obsolescence (Peter F. Colwell, William N. Kinnard, Jr, and Gail Beron); the contributions of Kinnard to the field of contaminated property valuation (Thomas O. Jackson); expert witness testimony and the use of environmental contamination research in eminent domain cases (S. Alan Aycock); and challenges confronting property valuation practitioners in Australia (Sandy Bond). Part II contains a reprint of Jaffe and Lusht's paper "Ten Reasons why Kinnard's Income Property Valuation (1971) is a modern classic" with twelve reprinted papers by Kinnard and various coauthors, discussing professional qualifications; new thinking in appraisal theory; the Ellwood analysis in valuation; reducing uncertainty in real estate decisions; the financial logic of investment property appraising; the first twenty years of the American Real Estate and Urban Economics Association; the business enterprise value component of operating properties; a case study illustrating the valuation of profit centers in a real estate investment; client pressure in the commercial appraisal industry; concepts of the "public interest value" and "noneconomic uses" of real estate; the effects on residential real estate prices of proximity to properties contaminated with radioactive materials; and the real estate counselor as expert witness. Part III contains testimonials, or personal reflections, about Kinnard by his family and friends. Sirmans is at the University of Connecticut and its Center for Real Estate and Urban Economic Studies. Worzala is with the Real Estate Institute at the University of San Diego. Index.