Abstract
This paper addresses the field of economic measurements of the value of assets, carried out by the methods of independent expert evaluation. The mathematical principles of application, within a comparative methodical approach, of additive and multiplicative models for correcting the cost of single indicator of compared objects have been considered. The differences of mathematical basis of the compared models were analyzed. It has been shown that the ambiguity in the methodology of correction procedure requires studying the advantages and disadvantages of known models, as well as the justification and elaboration of recommendations for their application. Possible forms of correction representation using several alternative units of measurement have been defined; formulas for their interconnection have been built. Analytic expressions have been derived that mathematically describe the algorithms for performing the evaluation correction procedure using various forms of correction representation. The influence of the correction execution model on the characteristics of uncertainty in the independent evaluation result has been analyzed. The scope of two possible types of correction introduction models has been determined. A specific numerical example was used to demonstrate the methodological advantages of using a multiplicative model when summarizing percentage corrections. The independence of the correction result on the sequence of correction introduction has been confirmed. It is proposed to use the selected measure of partial corrections as a criterion for the adequacy of the correction introduction model. It is proved that the result of the independent expert evaluation depends on the chosen model and does not depend on the sequence of correction introduction. The reported study results are important in terms of theory and practice since they make it possible to improve the accuracy and reliability of the result of independent expert evaluation.
Highlights
When performing economic measurements by the methods of independent expert evaluation based on the current regulatory framework, in particular [1], it is envisaged to use the cost, revenue, and comparative methodological approaches
The purpose of this study is a comparative analysis of the mathematical bases of the evaluation adjustment procedure, with correction introduction using additive and multiplicative models when using a comparative approach of an independent expert assessment of asset value
We have analyzed the mathematical principles of implementation of the evaluation procedure of corrections with the use of two comparable models in determining the cost according to the comparative approach – additive and multiplicative
Summary
When performing economic measurements by the methods of independent expert evaluation based on the current regulatory framework, in particular [1], it is envisaged to use the cost, revenue, and comparative methodological approaches. The latter is one of the most widely used one, given its high degree of marketability. This predetermines the increased attention to the methodological base of the comparative approach, which is not yet fully worked out – in particular, in terms of the evaluation adjustment procedure. Adjustments should be made by adding or deducting a monetary amount, either using the coefficient (percentage) to the sale price (offer) of the specified property, or by combining them [1]
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