Indicators of Collateral Misreporting
研究发现，人工和自动估值模型的高定价误差以及因低估值拒绝贷款，可能造成评估偏差的假象，即使原始评估并无偏差。
Automated valuation models (AVMs) are widely used in the valuation of pools of residential mortgages. In this paper, we provide evidence that high pricing errors in human and automated valuation models as well as rejection of loans with relatively low appraisals may generate the appearance of appraisal bias even when the original appraisals are unbiased. We also present evidence that the estimated frequency of appraisal overstatement is quite sensitive to assumptions about loan denial rates due to low appraisals as well as the size of and the correlation between AVM and original appraisal pricing errors. This paper was accepted by Amit Seru, finance.