ABSTRACT
Chapter 4 provides more theoretical backing for the range of property values but discussing Shackle’s work. The majority of the chapter focuses on survey results obtained over numerous years and from numerous countries where students were asked to complete a Perception of Value survey. The survey and the process of data collection is discussed, as are the results. Based on the survey respondents’ valuation differences, a theoretical range of values relative to the appraisal is presented. The market vignette for chapter 4 consists of conversation between two hypothetical students who have been assigned the completion of the survey as part of their course completion requirements.
