Real estate valuation, cognitive risk, and translational research

Larry Wofford; Michael Troilo; Andrew Dorchester

doi:10.1108/14635781111150303

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Journal of Property Investment & Finance

ISSN: 1463-578X
Previously published as: Journal of Property Valuation and Investment

Online from: 1999

Subject Area: Built Environment

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Real estate valuation, cognitive risk, and translational research

Document Information:
Title:	Real estate valuation, cognitive risk, and translational research
Author(s):	Larry Wofford, (The University of Tulsa, Tulsa, Oklahoma, USA), Michael Troilo, (The University of Tulsa, Tulsa, Oklahoma, USA), Andrew Dorchester, (Cushman & Wakefield Inc., Washington, DC, USA)
Citation:	Larry Wofford, Michael Troilo, Andrew Dorchester, (2011) "Real estate valuation, cognitive risk, and translational research", Journal of Property Investment & Finance, Vol. 29 Iss: 4/5, pp.372 - 383
Keywords:	Assets valuation, Cognitive risk, Paradigm, Real estate, Real estate valuation, Translational research
Article type:	Research paper
DOI:	10.1108/14635781111150303 (Permanent URL)
Publisher:	Emerald Group Publishing Limited
Acknowledgements:	Corrigendum: The Publishers would like to note the following Corrigendum relating to the article entitled “Real estate valuation, cognitive risk and translational research” Larry Wofford, Michael Troilo and Andrew Dorchester, Journal of Property Investment & Finance, Vol. 29 No. 4/5, 2011, pp. 372-83. It has been brought to our attention that this article is based on the following, previously published article: “Managing cognitive risk in real estate”, Larry Wofford, Michael Troilo and Andrew Dorchester, Journal of Property Research, Vol. 27 No. 3, 2010, pp. 269-87, and contains a significant amount of similar content without adequate referencing. The Authors and Publishers would like to apologise for this unintended oversight.
Abstract:	Purpose – This paper seeks to consider selected aspects of the relationship between real estate valuation, human cognition, and translational research. Its purpose is to introduce the concept of cognitive risk, to propose a framework for mitigating it, and to develop a stream of translational research to transfer knowledge to real estate valuers. Design/methodology/approach – The paper takes an interdisciplinary conceptual approach towards the development and study of cognitive risk, and its mitigation. It proposes to broaden the study of behavioral issues in real estate valuation beyond cognitive psychology to cognitive science, and also fields such as time studies and human failure, in order to identify and mitigate cognitive risk. Findings – The paper offers a framework as a starting-point for handling cognitive risk. It borrows the concept of translational research from medicine to discuss how basic theoretical knowledge may be communicated to real estate valuers to improve performance. Originality/value – The paper's concept of cognitive risk and discussion of its mitigation will enrich behavioral real estate by introducing the wisdom of other fields such as cognitive science and time studies. These fields have much to say about managing the risk surrounding human cognition, and will be of both academic and practical value to the discipline of real estate valuation.