A Note on the use of Appraisal Data in Indexes of Performance Measurement
证明，即使使用无偏的市场价值评估来衡量房地产投资组合的绩效，收益率或指数仍存在偏差；当评估误差序列独立时，偏差始终为正。
This paper demonstrates that even when unbiased appraisals of market value are used in measuring the investment performance of real estate portfolios, a bias in the rate of return or index is present. Further, in the case where the appraisal errors are serially independent, the bias is always positive. The potential for bias in a standard rate of return formula is described. Some implications for portfolio formation and investment manager comparisons are discussed.