A Longitudinal Examination of the Appraisal Smoothing Hypothesis
通过实验检验评估平滑假设，发现评估师在更新估值时受先前判断影响，调整不足，导致房地产回报序列变异性降低。
Appraisal smoothing, the reduced variability of real estate return series, has been attributed to appraisers being influenced by their own previous value estimates. This hypothesis is tested experimentally. Expert apppraisers from Atlanta were asked to value a hypothetical apartment project in Phoenix. Eight months later, these experts were asked to update their original appraisals given certain market and property changes. At this time, an independent group of Atlanta experts was asked to appraise the property based on the updated conditions. Results support the hypothesis of insufficient adjustment from previous value judgments.