Abstract
American real estate appraisers given identical valuation problems produced statistically different value estimates. The measured variable between experimental groups was an agency‐client treatment operationalized as a pending mortgage scenario. This finding is consistent with the view of anchoring as a routinized response to agent‐client concerns. Experienced appraisers may develop heuristic behaviors which subconsciously sensitizes them to agency‐client considerations. Although further research is warranted, this study provides initial experimental evidence of a causal link between agency‐client concerns and valuation bias.
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