Theoretical Framework and Empirical Analysis
Chapter 4: Four assessment methods
This chapter deals with the four prototypical assessment methods and how they influence assessment costs and assessment accuracy. It reviews and critiques the models proposed by scholars and provides theoretical analysis of its own. The arguments here are a bit dismal. That is, no assessment method is accurate and low cost, and assessment accuracy is more difficult and expensive to attain than previously argued. This chapter argues that fair market value is probably best assessed by the ex post assessment by non-landowners method, whereas economic value is likely to be best assessed by the ex ante assessment by landowners method.
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