Wisconsin Electric Public Interest Analysis

In the summer of 2010, Greenfield Advisors advised Wisconsin Electric Power Company (WE Energies) in its successful proposal to build a biomass-fueled cogeneration facility in the Village of Rothschild, Wisconsin. WE Energies needed to acquire a zoning variance to construct the 198 foot-tall building and 265-foot boiler stack in […]

Do Survey Results Systematically Differ From Hedonic Regression Results? Evidence From a Residential Property Meta-Analysis

In this paper, we evaluate the effect of environmental contamination situations on residential property values. Using the meta-analysis technique, conclusions are drawn about the effect of location, type of study conducted, empirical technique used, and economic conditions on various outcomes. Using observations extracted from 40 peer-reviewed articles, meta-regression analysis […]

General Guidelines to Survey Research: Part 3 – Analyzing and Reporting the Data

Today we continue from previous posts where we have discussed the first and second of three phases of survey research where guidelines should be implemented:

Determining a Survey Sample Universe
Creating the Survey Instrument
Collecting, Analyzing, and Reporting the Data

This time we will discuss the third phase.
There are guidelines to follow when […]

General Guidelines to Survey Research: Part 2 – Creating the Survey Instrument

We continue from our previous post, where we discussed how guidelines for CV surveys can generally be broken up into three phases of research:

Determining a Survey Sample Universe
Creating the Survey Instrument
Collecting, Analyzing, and Reporting the Data

This time we will discuss the second phase, creating the survey instrument.

Creating the Survey Instrument
When […]

General Guidelines to Survey Research: Part 1 – Determining a Survey Sample Universe

We’ve noted in previous posts that it is important to follow stringent guidelines when conducting a contingent valuation (CV) survey because it can be crucial to determine accurate measurements. Our research suggests that following these guidelines results in CV estimates that eliminate bias and provide a range of value impacts that are consistent with […]

Measuring Stigma in an Alpaca Herd

Typically Greenfield Advisors works on projects focused in real estate, but from time to time we are asked to use our valuation skills in other contexts. One context that we found to be particularly interesting was when we were asked to measure the financial impacts of the stigma of […]

An Example of Survey Use in Valuation

To give readers a better idea of how survey methodology can be used in a real estate valuation context, we thought it would be a good idea to share some of the survey results we’ve found in the past. There have been several cases where we have been able […]

An Introduction to the Contingent Valuation Method

Last year when my colleagues and I published a paper on contingent valuation in the Journal of Real Estate Literature, I posted a link to the paper in case any of my friends would like to read it. While some congratulated me on the publication, most confessed that they had […]

Why conduct surveys?

Survey research is a useful tool that can help researchers gain a better understanding of a given topic. It has proven to be a truly versatile instrument that’s practical in almost any field of research. One of the unique aspects of surveys is their ability to acquire a substantial […]

Advanced Appraisal Methods

In August, the Appraisal Institute held its annual meeting in San Diego. This was a great 3-day educational event, with top speakers on cutting-edge valuation topics.
I’m pleased to have been invited to present a tutorial on advanced valuation methods, which complimented a week-long Institute course designed by Dr. Marv Wolverton, […]

Advanced Statistical Modeling in Real Estate Appraisal

This presentation provides a basic familiarity with the use of hedonic regression modeling (i.e., mass appraisal), survey research, meta-analysis, and expert systems in real estate appraisal. It discusses how these methods fit in the appraisal body of knowledge and comport with the Uniform Standards of Professional Appraisal Practice (USPAP) […]

Contingent Valuation and Real Estate Damage Estimation

Real estate appraisal practice stresses three traditional approaches (cost, sales comparison, and income) to value contaminated properties. This paper discusses a fourth approach: the contingent valuation method (CVM). This method is useful in the estimation of losses for contaminated properties when market data are not available or market failure […]

Using Contingent Valuation to Measure Property Value Impacts

Purpose – The purpose of this paper is to measure the impact of a proposed biomass facility on prospective property values using the contingent valuation method. Design/methodology/approach – The paper uses a web-based survey approach to measure respondents’ reactions to two scenarios: one that describes the study area currently and another that […]

The Gulf Oil Spill

The Gulf oil spill issue is rapidly unfolding, and Greenfield Advisors has been tracking the situation since news of the explosion first hit. The following is based on the best information available to date, which is believed to be reliable. For more up-to-date information, please keep track of updates […]

Conservative Dichotomous Choice Responses in the Active Policy Setting: the Case of University Parking

This study presents evidence of strategic behavior in faculty/staff members’ reports of willingness-to-pay at a public university. The results suggest that (1) students have a higher mean willingness-to-pay than faculty/staff and that (2) faculty/staff reject clear gains because they expect a revision to the parking permit fee structure in […]

Conservative Dichotomous Choice Responses in the Active Policy Setting: DC Rejections Below WTP

An important feature of a Contingent Value (CV) study is that researchers design a survey that guides respondents to answer dichotomous choice (DC) questions as if they represent once-and-for-all choices. Researchers frequently construct hypothetical markets to satisfy this condition; yet detractors assert that ‘hypotheticality’ leads inevitably to inflated DC […]

Appraising Real Estate in Complex Environmental Class Actions: An Expert’s View

Class actions dealing with real property contamination often require some method of valuing the properties. Individual appraisals on those properties are not required; mass appraisal methods meet both the Frye and Daubert tests and can be superior to individual methods in class actions or mass torts. Professional appraisal standards […]

Real Estate Issues in Class Certification

Class actions dealing with real estate matters often require some method of valuing the properties in question. Individual appraisals on those properties are not required, according to John A. Kilpatrick, Ph.D., an expert in real estate appraisal and analysis. Kilpatrick says that professional appraisal standards provide standard rules for […]