Abstract
Automated valuation models (AVMs) are mathematical models, which, together with appropriate computer software and databases of property information, are used to provide real estate valuations. AVMs illustrate the application of neoclassical economic theory at its most advanced. They provide perhaps the best subject with which to critically engage both mainstream economic theory and standard valuation theory that rests upon it. For this reason we devote an entire chapter to explain the theoretical foundations of this method of valuation. The intention is to shed additional light on how neoclassical classical economic theory has influenced standard valuation theory and methods, as precursor to a critical engagement.
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