Property appraisal in high-rises: A cooperative game theory approach |
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| Authors: | Danny Ben-Shahar Yongheng Deng Eyal Sulganik |
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| Institution: | 1. Faculty of Architecture and Town Planning, Technion—Israel Institute of Technology, Technion City, Haifa 32000, Israel;2. Institute of Real Estate Studies, National University of Singapore, SDE 1, Level 4, 4 Architecture Drive, Singapore 117566;3. The Arison School of Business, The Interdisciplinary Center Herzliya, P.O. Box 167, Herzliya 46150, Israel;1. Department of Nuclear and Quantum Engineering, Korea Advanced Institute of Science and Technology, 373-1, Guseong-dong, Yuseong-gu, Daejeon 305-701, Republic of Korea;2. School of Energy Systems Engineering, Chung-Ang University, 84, Heukseok-ro, Dongjak-gu, 156-756 Seoul, Republic of Korea;3. KEPCO International Nuclear Graduate School, 1456-1, Shinam-ri, Seosaeng-myeon, Ulju-gun, Ulsan, Republic of Korea;1. Institute of Geography, University of Heidelberg, Germany;2. Institute of Photogrammetry and Remote Sensing, Vienna University of Technology, Austria;1. Faculty of Environment and Technology, Department of Architecture and the Built Environment, Frenchay Campus, Coldharbour Lane, University of the West of England, Bristol BS1 1QY, UK;2. School of Civil Engineering and Surveying, University of Portsmouth, Portland Building, Portsmouth PO1 3AH, UK;3. The Scott Sutherland School of Architecture and Built Environment, Robert Gordon University, Schoolhill, Aberdeen AB10 1FR, Scotland, UK;1. Land Consolidation Department, 131 Prodromou street, 1419 Nicosia, Cyprus;2. School of Geography, University of Leeds, Leeds LS2 9JT, UK |
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| Abstract: | The construction of the higher stories in a building is utterly contingent upon the construction of the lower ones, while the construction of lower stories does not require the construction of the higher ones. This rationale underlies our adoption of a cooperative game theory methodology for examining the value of units based on the cost approach of land appraisal. Particularly, we propose the Shapley value solution to examine the allocation of the land and construction cost among the stories of the building. We explore the allocation mechanism and derive several closed-form properties by which the value pattern of stories in a building is rationalized. The proposed cost allocation may, among other things, generate values when comparable market prices are unobservable (consistent with the cost approach); may be used by courts in order to compute compensations in cases of disputes regarding expansions and redevelopments of existing structures among co-owners; and may determine the rent cost allocation in an organization with several profit centers located on different floors of a building. |
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