Clayton, Jim; Geltner, David; Hamilton, Stanley W. - In: Real Estate Economics 29 (2001) 3, pp. 337-360
We explore the causes and extent of appraisal smoothing, defined as a temporal lag bias in appraisals, by analyzing how appraisers use the transaction price data available to them. We test the empirical validity of the partial adjustment model that underlies the traditional "unsmoothing" of...