1 a short history of property valuation models — the 17 th to 21 st century prepared for...
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1
A SHORT HISTORY OF PROPERTY VALUATION MODELS— THE 17TH TO 21ST CENTURY
Prepared for presentation at theEuropean Real Estate Society Conference,
Stockholm, Sweden,27 June 2009Rodney L Jefferies
Agricultural Management and Property Studies Department, Commerce Faculty, Lincoln University, Canterbury, New Zealand
P.O. Box 84, Lincoln University, Lincoln 7647, New Zealand
Overview of Paper•The aim of this paper is to set in context of a history — necessarily short to fit in the scope of a conference paper — concentrating on describing and examining the development of investment valuation models — not the theory beyond that necessary to explain the models in their historical context.•It does deal with methodology — but only to the extent as to how the models fit within the broader investment valuation paradigms of their day and professional generation.•This paper, based on the author’s PhD current research literature review, omits any equations and examples of the models referred to. The citations and references refer the reader to relevant sources for such details and elaborations by the originators of the models. (A Doctoral proposal was presented at this ERES Conference Doctoral Session 1.5 – A generic property interest real value investment valuation model).•Accompanying this paper is a colour chart [Following] setting out the key contributions to income valuation models historically over the last four centuries in chronological order by decades within each highlighted century, beginning in 1600 to the present time. •This shows the contributions of the various authors stratified into those from the UK, USA, and Australia/New Zealand with a brief identification of their key publications or contributions. •It highlights the historical developments in income valuation models set longitudinally against the different technologies available to valuers applying these models in practice.
Sections in PaperIntroduction
History of income valuation thought, concepts, professional practice and standardsHistorical development of investment valuation modelsInvestment versus market value
Firstly, UK property investment valuation modelsHistory of models and valuation tables in 16th–18th CenturyEquated yield modelsUK rational or logical valuation modelsReal value modelsRICS Research report into valuation methodsUK Professional response and EY endorsementReal Value Hybrid Model Discounted cash flow “models” in the UKAdvanced explicit DCF, arbitrage , split tenant-risk/market risk rate , actuarial,
convertible bond and real options models
Inter-country comparisons
4
Clay’s 17th Century Valuation Model
Based on 30 years purchase @ 3.33% p.a.
Sections in Paper ContinuedSecondly, USA investment real estate appraisal models
Capitalization models in the USA – 1930-1960sSplit-capitalization modelsBand of investment modelsEllwood’s mortgage-equity modelDiscounted cash flow (DCF) models in USABlackadar’s dynamic capitalization model
Thirdly, Australia & New ZealandSynthesis of traditional and other models from UK & USAAustralian & New Zealand adaptations of DCFs from overseas
modelsDCF model development & standards in Australia & New ZealandJefferies’ generic real value model
6
Author's slide rule from the 1960's
Influence of technology on progress
Odhner Mechanical Calculator circa 1935-45 as used by Author in Dunedin
in 1964
Sections in Paper ContinuedFourthly, The parallel influence of technology
•This first technological advance arose from the printing press – mass produced ready-reckoners, almanacs and valuation and interest tables from the early 17th Century•Next advance was the introduction of slide rules in 18th — 20th Century •Next was mechanical calculators — invented in 1822 used to 1960s•Next was electronic calculators — invented in 1957 used to present•Next was electronic computers — invented in 1960s used to present
•Application of models to multi-tenanted properties•The lag in textbook coverage •“Long live” direct capitalisation! –Progress is inevitable however!
•Valediction –This author would propose a real value model for real estate valuation
– but “he’d have to say that” – wouldn’t he?
•The time-charts Follow:
8
Technology becomes – electronic & then small and portable
Vintage Compaq Portable II -1986 As used by Author 1986-1995
Vintage Sharp Compet 364R Calculator As used by Author ex 1973 & still on his desk
Don’t worry its too small - overall view - see next slide for 17th Century only!
17th – 21st Century – Development of Income Valuation ModelsChronological Overview
NOTES: Key contributions
to land ecomomics and income
valuation models
Cla
y w
rote
"E
as
y, a
nd
Ne
ce
ss
ary
Ta
ble
s o
f In
tere
st
an
d
Re
nts
Fo
reb
orn
e, a
lso
fo
r th
e V
alu
ati
on
of
Le
as
es
, An
nu
itie
s a
nd
Pu
rch
as
es
eit
he
r in
Pre
se
nt
or
in R
ev
ers
ion
".
Pe
tty
de
ve
lop
ed
ca
pit
alis
ati
on
us
ing
"y
ea
rs p
urc
ha
se
".N
ew
ton
es
tab
lish
ed
th
eo
rem
s o
f c
om
po
un
d in
tere
st
Ph
illip
s p
ub
lish
ed
"C
om
po
un
d in
tere
st
& a
nn
uit
y"
& m
isc
ta
ble
s f
or
rec
on
str
uc
tio
n a
fte
r th
e 1
66
6 F
ire
of
Lo
nd
on
Sm
art
pu
blis
he
d "
Ta
ble
s o
f In
tere
st,
Dis
co
un
t A
nn
uit
es
&
c.
Sm
ith
pu
blis
he
d "
We
alt
h o
f N
ati
on
s"-
inc
l. th
eo
ry o
f re
nt
as
fu
nc
tio
n o
f p
ric
e.
Ba
ily w
rote
"T
ab
les
fo
r th
e p
urc
ha
sin
g a
nd
re
ne
win
g o
f le
as
es
", c
on
so
lida
tin
g e
arl
ier
wri
ters
an
d g
ivin
g m
ath
em
ati
ca
l
de
riv
ati
on
s o
f co
mp
ou
nd
inte
rest
fo
rmu
las
Inw
oo
d's
"T
ab
les
fo
r th
e P
urc
ha
sin
g o
f E
sta
tes
" -
on
e o
f th
e m
os
t fa
mo
us
- u
se
d in
to t
he
20
th C
en
tury
Ma
lth
us
pu
blis
he
d "
An
inq
uir
y in
to t
he
pro
gre
ss
of
ren
t"R
ica
rdo
pu
blis
he
d "
On
th
e p
rin
cip
les
of
po
litic
al
ec
on
om
y"
Mill
s p
ub
lish
ed
"E
lem
en
ts o
f p
olit
ica
l ec
on
om
y"
Ma
rx p
ub
lish
ed
"D
as
Ka
pit
al"
Ho
sk
old
pu
blis
he
d "
En
gin
er'
s V
alu
ing
As
sis
tan
t"
rep
ute
dly
cre
ate
d a
ca
pit
aliz
ati
on
ra
te @
sp
ec
ula
tiv
e r
ate
+
sin
kin
g f
un
d @
sa
fe r
ate
Hu
rd d
efi
ne
d u
rba
n v
alu
e a
s e
co
no
mic
re
nt
or
gro
un
d
ren
t c
ap
ita
lize
d.
Fis
he
r re
pu
ted
ly c
oin
ed
th
e t
erm
"ra
te o
f c
ap
ita
liza
tio
n"
& t
he
th
eo
ry o
f v
alu
ing
inc
om
e-p
rod
uc
ing
ca
pit
al.
We
bb
s p
ub
lish
ed
"V
alu
ati
on
of
Re
al P
rop
ert
y:
A g
uid
e t
o
the
va
lua
tio
n o
f la
nd
an
d b
uild
ing
s e
tc. f
or
va
rio
us
pu
rpo
se
s"
wh
ich
c
ap
ita
lise
d n
ett
an
nau
l in
co
me
at
a n
um
be
r o
f y
ea
rs p
urc
ha
se.
Pa
rry
pu
blis
he
d "
Par
ry’s
Va
lua
tion
an
d In
ve
stm
en
t T
ab
les
"
Ba
bc
oc
k w
rote
"T
he
Ap
pra
isa
l of
Re
al E
sta
te".
Me
rtzk
e a
dv
oc
ate
d a
"b
uilt
-up
ca
pit
aliz
ati
on
ra
te".
G
rim
es
& C
raig
ue
ad
vo
ca
ted
a "
thre
e-i
nte
res
t-ra
te".
Fis
he
r w
rote
"T
he
ory
of
Inte
res
t ".
Th
orn
so
n d
en
ou
nc
ed
"A
nn
uit
ists
" a
dv
oc
ati
ng
Ho
sk
old
.B
ab
co
ck
ad
vo
ca
ted
"S
plit
ca
pit
aliz
ati
on
ra
tes
" in
"T
he
A
pp
rais
al o
f R
ea
l Es
tate
".K
nis
ke
rn a
dv
oc
ate
d a
"S
ing
le c
ap
ita
liza
tio
n r
ate
".
Th
orn
so
n -
ad
vo
ca
ted
"S
plit
-ra
te c
ap
ita
liza
tio
n m
eth
od
" w
ith
sin
kin
g f
un
d a
dd
ed
to
th
e c
ap
ita
liza
tio
n r
ate
Ro
ss
ori
gin
ate
d
"Ba
nd
-of-
inv
es
tme
nt"
me
tho
d.
Ra
tclif
f w
rote
"U
rba
n L
an
d E
co
nm
ics
"J
oh
n M
urr
ay
wro
te "
Pri
nc
iple
s a
nd
Pra
cti
ce
of
Va
lua
tio
n"
Ap
pra
isa
l In
sti
tute
sta
rts
"T
he
Ap
pra
isa
l of
Re
al E
sta
te"
We
ime
r a
dv
oc
ate
d "
ca
pit
aliz
ati
on
as
on
ly v
alid
me
tho
d"
Ellw
oo
d c
rea
ted
mo
rtg
ag
e-e
qu
ity
me
tho
d a
nd
pu
blis
he
d
"Ta
ble
s f
or
Re
al E
sta
te A
pp
rais
ing
an
d
Fin
an
cin
g"
Mo
bil
Oil
N.Z
. Ltd
. Pu
blis
he
s "
DC
F In
ve
stm
en
t A
na
lys
is"
Sp
ee
dy
ad
vo
ca
tes
"In
ve
stm
en
t b
y D
CF
me
tho
ds
."G
raa
sk
am
p p
rom
ote
d a
pra
cti
ca
l co
mp
ute
r s
erv
ice
fo
r th
e in
co
me
ap
pro
ac
h.
Gra
as
ka
mp
dri
vin
g f
orc
e b
eh
ind
ED
UC
AR
E c
ou
rse
s a
t W
isc
on
sin
Un
ive
rsit
yA
ke
rso
n d
ev
elo
pe
d "
Ellw
oo
d W
ith
ou
t A
lge
bra
me
tho
d"
Kin
na
rd p
ub
lish
es
"In
co
me
Pro
pe
rty
Va
lua
tio
n"
Jo
hn
so
n p
ub
lish
ed
"T
he
Ins
tan
t M
ort
ga
ge
-Eq
uit
y
Te
ch
niq
ue
" G
rea
ve
s a
cc
red
ite
d w
ith
“...
ca
taly
se
d t
he
gra
du
al
ad
op
tio
n o
f th
e D
CF
me
tho
d o
f v
alu
ati
on
in t
he
UK
"W
oo
d a
dv
oc
ate
s a
"re
al v
alu
e v
alu
ati
on
me
tho
d"
No
rth
pu
blis
he
s "
Re
al e
sta
te in
ve
stm
en
t a
na
lys
is a
nd
v
alu
ati
on
"M
ars
ha
ll c
rea
ted
"e
qu
ate
d y
ield
" m
od
el a
lso
pro
du
cin
g
the
in
itia
l ta
ble
s &
"D
on
ald
so
n's
Inv
es
tme
nt
Ta
ble
s"
(19
79
)R
os
e p
ub
lish
es
"R
os
e’s
Pro
pe
rty
Va
lua
tio
n T
ab
les
" G
ree
nw
ell
W. &
. Co
ca
lled
fo
r a
"N
ew
va
lua
tio
n m
eth
od
"B
ow
co
ck
pu
blis
he
s "
Pro
pe
rty
Va
lua
tio
n T
ab
les
"D
av
ids
on
pu
blis
he
d "
Pa
rry
's V
alu
ati
on
an
d In
ve
stm
en
t T
ab
les
" 1
0th
Ed
itio
nF
ish
er
- re
fin
ed
Ellw
oo
d’s
J-F
ac
tors
fo
r s
tra
igh
t-lin
e o
r
Sy
ke
s p
rop
os
es
a "
Ra
tio
na
l va
lua
tio
n m
od
el"
Tro
tt c
ha
ire
d "
RIC
S R
es
ea
rch
pro
jec
t in
to p
rop
ert
y
va
lua
tio
n m
eth
od
s"
Bla
ck
ad
ar
de
ve
lop
ed
a “
dy
na
mic
ca
pit
aliz
ati
on
” m
od
el
Ma
so
n p
rod
uc
ed
"A
me
ric
an
Ins
titu
te o
f R
ea
l Es
tate
A
pp
rais
ers
Fin
an
cia
l Ta
ble
s"
Cro
sb
y a
dv
oc
ate
s a
"h
yb
rid
eq
ua
ted
yie
ld a
nd
re
al v
alu
e
(sh
ort
-cu
t D
CF
) m
od
el"
Fis
he
r a
nd
Ma
rtin
pu
blis
h "
Inc
om
e P
rop
ert
y A
pp
rais
al"
A
pp
leb
y &
We
stw
oo
d p
ub
lish
"T
he
Au
str
alia
n V
alu
ati
on
a
nd
Lif
e A
nn
uit
y T
ab
les
"S
ca
rre
tt p
ub
lish
es
"P
rop
ert
y V
alu
ati
on
: T
he
fiv
e
me
tho
ds
"B
row
n p
rop
os
ed
a "
Sp
lit t
en
an
t-ri
sk
/ma
rke
t ri
sk
ra
te
mo
de
l"A
las
tair
Ad
air
et
al p
ub
lish
"E
uro
pe
an
Va
lua
tio
n
Pra
cti
ce
: T
he
ory
an
d T
ec
hn
iqu
e"
Ba
um
an
d C
ros
by
pu
blis
h "
Pro
pe
rty
Inv
es
tme
nt
Ap
pra
isa
l"F
ren
ch
& W
ard
pro
po
se
d a
n "
Arb
itra
ge
mo
de
l"J
eff
eri
es
pu
blis
he
d "
Urb
an
Va
lua
tio
n in
Ne
w Z
ea
lan
d -
V
ol.
II"
Ro
wla
nd
pu
blis
he
s "
Pro
pe
rty
Inv
es
tme
nts
an
d T
he
ir
Fin
an
cin
g"
Ba
illie
u K
nig
ht
Fra
nk
- o
rga
nis
ed
th
e "
Pro
pe
rty
E
co
no
mic
Ta
sk
Fo
rce
"A
IVL
E is
su
e "
Info
rma
tio
n P
ap
er
on
Us
e o
f D
isc
ou
nte
d
Ca
sh
Flo
w in
Pro
pe
rty
Va
lua
tio
ns
"R
ICS
- is
su
es
"T
he
Ma
llin
so
n R
ep
ort
- T
he
Pre
sid
en
t’s
W
ork
ing
Pa
rty
on
Co
mm
erc
ial P
rop
ert
y V
alu
ati
on
s"
Wh
ipp
le p
ub
lish
es
"P
rop
ert
y v
alu
ati
on
an
d a
na
lys
is"
Je
ffe
rie
s N
ZIV
mo
no
gra
ph
"D
isc
ou
nte
d c
as
h f
low
(D
CF
) v
alu
ati
on
te
ch
niq
ue
s &
sp
rea
ds
he
et
ap
plic
ati
on
s"
NZ
IV is
su
e "
Gu
ida
nc
e N
ote
4:
Us
e o
f D
isc
ou
nte
d C
as
h
Flo
w T
ec
hn
iqu
es
in P
rop
ert
y V
alu
ati
on
s."
Lu
sh
t p
ub
lish
es
"R
ea
l Es
tate
Va
lua
tio
n"
An
dre
w &
Bo
oth
pro
po
se
d a
n "
Ac
tua
ria
l an
d a
c
on
ve
rtib
le b
on
d m
od
el"
Isa
ac
an
d T
err
y S
tele
y p
ub
lish
"P
rop
ert
y V
alu
ati
on
T
ec
hn
iqu
es
"T
on
y J
oh
ns
on
et
al p
ub
lish
"M
od
ern
Me
tho
ds
of
Va
lua
tio
n -
9th
Ed
"K
en
ne
th L
us
ht
pu
blis
he
s "
Re
al E
sta
te V
alu
ati
on
-
Pri
nc
iple
s a
nd
Ap
plic
ati
on
s"
Ak
ers
on
pu
blis
he
s A
I's "
Ca
pit
alis
ati
on
Th
eo
ry a
nd
T
ec
hn
iqu
es
: S
tud
y G
uid
e"
Sc
hu
lte
pu
blis
he
s "
Re
al E
sta
te E
du
ca
tio
n T
hro
ug
ho
ut
Th
e W
orl
d:
Pa
st,
Pre
se
nt
an
d F
utu
re"
Fis
ch
er
pu
blis
he
s "
Pro
pe
rty
Va
lua
tio
n M
eth
od
olo
gy
"H
arv
ard
pu
blis
he
s "
Inv
es
tme
nt
Pro
pe
rty
Va
lua
tio
n T
od
ay
"D
av
ids
on
pu
blis
he
s 1
2th
& 1
3th
Ed
ns
of
"Pa
rry
's
Va
lua
tio
n &
Inv
es
tme
nt
Ta
ble
s"
AI p
ub
lish
12
th &
13
th E
dn
s o
f "T
he
Ap
pra
isa
l of
Re
al
Es
tate
"F
ish
er
an
d M
art
in p
ub
lish
2n
d &
3rd
Ed
ns
of
"In
co
me
P
rop
ert
y V
alu
ati
on
"A
nd
rew
Ba
um
et
al p
ub
lish
4th
Ed
of
"Th
e In
co
me
A
pp
roa
ch
to
Pro
pe
rty
Va
lua
tio
n"
Sa
rah
Sa
yc
e e
t a
l pu
blis
h "
Re
al E
sta
te A
pp
rais
al:
Fro
m
Va
lue
to
Wo
rth
" W
hip
ple
pu
blis
he
s 2
nd
Ed
n o
f "P
rop
ert
y v
alu
ati
on
an
d
an
aly
sis
"R
ee
d e
dit
s "
Th
e v
alu
ati
on
of
rea
l es
tate
– t
he
Au
str
alia
n
ed
itio
n o
f th
e A
pp
rais
al o
f R
ea
l Es
tate
– 1
2th
Ed
n"
Wy
att
pu
blis
he
s "
Pro
pe
rty
va
lua
tio
n in
an
ec
on
om
ic
co
nte
xt"
Ba
um
an
d C
ros
by
pu
blis
h 3
rd E
dn
of
"Pro
pe
rty
In
ve
stm
en
t A
pp
rais
al"
Sc
arr
ett
pu
blis
he
s 2
nd
Ed
n o
f "P
rop
ert
y V
alu
ati
on
: T
he
Computers
Calculators
Side Rules
Ready-Reckoners& Interest Tables
UK Land Economists &
Valuation Model Contributors
16
17
- T
ho
ma
s C
lay
16
62
- S
ir W
illia
m P
ett
y1
66
7 -
Jo
hn
Ne
wto
n1
66
7 -
He
nry
Ph
illip
s
17
26
- J
oh
n S
ma
rt1
77
6 -
Ad
am
Sm
ith
18
02
- F
ran
cis
Ba
ily
18
11
- W
illia
m In
wo
od
18
15
- R
ob
ert
Ma
lth
us
18
17
- D
av
id R
ica
rdo
18
48
- J
oh
n S
tua
rt M
ill
18
67
- K
arl
Ma
rx
18
77
- H
en
ry H
os
ko
ld
19
10
- C
lare
nc
e &
N
orm
an
We
bb
19
13
- R
ich
ard
Pa
rry
19
72
- M
ich
ae
l Gre
av
es
19
73
- E
rne
st
Wo
od
19
75
/76
Ph
ilip
Ma
rsh
all
19
76
- J
ac
k R
os
e1
97
6 -
Gre
en
we
ll W
. & C
o.
19
78
- P
hili
p B
ow
co
ck
19
78
- A
lick
Da
vid
so
n
19
80
/82
- S
tep
he
n S
yk
es
19
80
/86
- A
nd
rew
Tro
tt1
98
5 -
Ne
il C
ros
by
19
91
- D
ou
gla
s S
ca
rre
tt1
99
4 -
RIC
S1
99
5 -
Ge
rald
Bro
wn
19
95
- A
las
tair
Ad
air
et
al
19
95
- A
nd
rew
Ba
um
an
d
Ne
il C
ros
by
19
95
- N
ick
Fre
nc
h a
nd
C
ha
rle
s W
ard
19
96
- A
nd
rew
Ad
am
s
an
d P
hili
p B
oo
th
20
00
- D
av
id Is
aa
c a
nd
T
err
y S
tele
y
20
00
- T
on
y J
oh
ns
on
et
al
20
02
- T
im H
arv
ard
20
02
& 2
00
8 -
Alic
k
Da
vid
so
n2
00
6 -
An
dre
w B
au
m e
t a
l2
00
6 -
Sa
rah
Sa
yc
e e
t a
l2
00
7 -
Pe
ter
Wy
att
2
00
8 -
An
dre
w B
au
m a
nd
N
eil
Cro
sb
y2
00
8 -
Do
ug
las
Sc
arr
ett
Century/Decade 1600 1610 1620 1630 1640 1650 1660 1670 1680 1690 1700 1710 1720 1730 1740 1750 1760 1770 1780 1790 1800 1810 1820 1830 1840 1850 1860 1870 1880 1890 1900 1910 1920 1930 1940 1950 1960 1970 1980 1990 2000 2010 2020
USA Land Economists &
Valuation Model Contributors
Ric
ha
rd H
urd
- 1
90
3Ir
vin
g F
ish
er
- 1
90
6
Fre
de
ric
k B
ab
co
ck
- 1
92
4A
rth
ur
Me
rtzk
e -
19
27
Jo
hn
Gri
me
s &
W
illia
m C
raig
ue
- 1
92
8
Irv
ing
Fis
he
r -
19
30
Iva
n T
ho
rns
on
- 1
93
2F
red
eri
ck
Ba
bc
oc
k -
19
32
Ph
illip
Kn
isk
ern
- 1
93
3Iv
an
Th
ors
on
- 1
93
6T
hu
rsto
n R
os
s -
19
37
Ric
ha
rd R
atc
liff
- 1
94
9
Ap
pra
isa
l In
sti
tute
- 1
95
1A
rth
ur
We
ime
r -
19
53
Le
on
Ellw
oo
d -
19
59
Ja
me
s G
raa
sk
am
p -
19
69
Ch
arl
es
Ak
ers
on
- 1
97
0W
illia
m K
inn
ard
Jn
r -
19
71
Gra
as
ka
mp
- 1
97
1Ir
vin
Jo
hn
so
n -
19
72
L
inc
oln
No
rth
- 1
97
3J
eff
rey
Fis
he
r -
19
79
Ja
me
s M
as
on
- 1
98
2G
ord
on
Bla
ck
ad
ar
-19
81
/83
Je
ffre
y F
ish
er
an
dR
ob
ert
Ma
rtin
-1
99
1K
en
Lu
sh
t -
19
96
Ke
nn
eth
Lu
sh
t -
20
00
Ka
rl-V
ern
er
Sc
hu
lte
- 2
00
1C
ha
rle
s A
ke
rso
n -
20
00
& 2
00
9A
pp
rais
al I
ns
titu
te -
20
01
& 2
00
8J
eff
rey
Fis
he
r a
nd
Ro
be
rt M
art
in -
2
00
5 &
20
08
Australia & New Zealand Land
Economists & Valuation Model
Contributors
Jo
hn
Mu
rra
y -
19
49
Mo
bil
Oil
N.Z
. Ltd
. - 1
96
8S
qu
ire
Sp
ee
dy
- 1
96
8
Ap
ple
by
an
d W
es
two
od
-
19
91
Ba
illie
u K
nig
ht
Fra
nk
- 1
99
2J
eff
eri
es
- 1
99
0P
atr
ick
Ro
wla
nd
- 1
99
3A
IVL
E -
19
93
.T
om
Wh
ipp
le -
19
95
Ro
dn
ey
Je
ffe
rie
s -
19
95
N
ZIV
- 1
99
5R
od
ne
y J
eff
eri
es
- 1
99
6/7
AIV
LE
- 1
99
7
Do
min
ick
Fis
ch
er
- 2
00
2T
om
Wh
ipp
le -
20
06
Ric
ha
rd R
ee
d -
20
07
R e a d y - R e c k o n e r s & I n t e r e s t T a b l e s
M e c h a n I c a l C a l c u l a t o r s M e c h a n I c a l C a l c u l a t o r s
S l i d e R u l e s S l i d e R u l e s
R e a d y - R e c k o n e r s & I n t e r e s t T a b l e s R e a d y - R e c k o n e r s & I n t e r e s t T a b l e s
C o m p u t e r s
E l e c t r o n i c C a l c u l a t o r s E l e c t r o n i c C a l c u l a t o r s
C o m p u t e r s
17th - 19th Century – Development of Income Valuation Models - Chronological Overview
NOTES: Key contributions
to land ecomomics and income
valuation modelsC
lay
wro
te "
Ea
sy
, an
d N
ec
es
sa
ry T
ab
les
of
Inte
res
t a
nd
Re
nts
Fo
reb
orn
e, a
lso
fo
r th
e V
alu
ati
on
of
Le
as
es
, An
nu
itie
s a
nd
Pu
rch
as
es
eit
he
r in
Pre
se
nt
or
in R
ev
ers
ion
".
Pe
tty
de
ve
lop
ed
ca
pit
alis
ati
on
us
ing
"y
ea
rs p
urc
ha
se
".N
ew
ton
es
tab
lish
ed
th
eo
rem
s o
f c
om
po
un
d in
tere
st
Ph
illip
s p
ub
lish
ed
"C
om
po
un
d in
tere
st
& a
nn
uit
y"
& m
isc
ta
ble
s f
or
rec
on
str
uc
tio
n a
fte
r th
e 1
66
6 F
ire
of
Lo
nd
on
Sm
art
pu
blis
he
d "
Ta
ble
s o
f In
tere
st,
Dis
co
un
t A
nn
uit
es
&
c.
Sm
ith
pu
blis
he
d "
We
alt
h o
f N
ati
on
s"-
inc
l. th
eo
ry o
f re
nt
as
fu
nc
tio
n o
f p
ric
e.
Ba
ily w
rote
"T
ab
les
fo
r th
e p
urc
ha
sin
g a
nd
re
ne
win
g o
f le
as
es
", c
on
so
lida
tin
g e
arl
ier
wri
ters
an
d g
ivin
g m
ath
em
ati
ca
l
de
riv
ati
on
s o
f c
om
po
un
d in
tere
st
form
ula
sIn
wo
od
's "
Ta
ble
s f
or
the
Pu
rch
as
ing
of
Es
tate
s"
- o
ne
of
the
mo
st
fam
ou
s -
us
ed
into
th
e 2
0th
Ce
ntu
ryM
alt
hu
s p
ub
lish
ed
"A
n in
qu
iry
into
th
e p
rog
res
s o
f re
nt"
Ric
ard
o p
ub
lish
ed
"O
n t
he
pri
nc
iple
s o
f p
olit
ica
l e
co
no
my
"
Mill
s p
ub
lish
ed
"E
lem
en
ts o
f p
olit
ica
l ec
on
om
y"
Ma
rx p
ub
lish
ed
"D
as
Ka
pit
al"
Ho
sk
old
pu
blis
he
d "
En
gin
er'
s V
alu
ing
As
sis
tan
t"
rep
ute
dly
cre
ate
d a
ca
pit
aliz
ati
on
ra
te @
sp
ec
ula
tiv
e r
ate
+
sin
kin
g f
un
d @
sa
fe r
ate
Computers
Calculators
Side Rules
Ready-Reckoners& Interest Tables
UK Land Economists &
Valuation Model Contributors
16
17
- T
ho
ma
s C
lay
16
62
- S
ir W
illia
m P
ett
y1
66
7 -
Jo
hn
Ne
wto
n1
66
7 -
He
nry
Ph
illip
s
17
26
- J
oh
n S
ma
rt1
77
6 -
Ad
am
Sm
ith
18
02
- F
ran
cis
Ba
ily
18
11
- W
illia
m In
wo
od
18
15
- R
ob
ert
Ma
lth
us
18
17
- D
av
id R
ica
rdo
18
48
- J
oh
n S
tua
rt M
ill
18
67
- K
arl
Ma
rx
18
77
- H
en
ry H
os
ko
ld
Century/Decade 1600 1610 1620 1630 1640 1650 1660 1670 1680 1690 1700 1710 1720 1730 1740 1750 1760 1770 1780 1790 1800 1810 1820 1830 1840 1850 1860 1870 1880 1890 1900 1910 1920 1930 1940 1950 1960 1970 1980 1990 2000 2010 2020
USA Land Economists &
Valuation Model Contributors
Australia & New Zealand Land
Economists & Valuation Model
Contributors
R e a d y - R e c k o n e r s & I n t e r e s t T a b l e s
M e c h a n I c a l C a l c u l a t o r s
S l i d e R u l e s
Chronological Overview – 17th Century
NO
TE
S:
Ke
y co
ntrib
utio
ns
to
lan
d e
co
mo
mic
s
an
d in
co
me
v
alu
atio
n m
od
els
Clay wrote "Easy, and Necessary Tables of Interest and
Rents Foreborne, also for the Valuation of Leases, Annuities and
Purchases either in Present or in Reversion ".
Petty developed capitalisation using "years purchase".Newton established theorems of compound interestPhillips published "Compound interest & annuity" & misc tables for reconstruction after the 1666 Fire of London
Co
mp
ute
rs
Ca
lcu
lato
rs
Sid
e R
ule
s
Re
ad
y-R
ec
ko
ne
rs&
Inte
res
t Ta
ble
s
UK
La
nd
E
co
no
mis
ts &
V
alu
atio
n M
od
el
Co
ntrib
uto
rs
1617 - Thomas Clay
1662 - Sir William Petty1667 - John Newton1667 - Henry Phillips
Ce
ntu
ry/De
ca
de
16001610
16201630
16401650
16601670
16801690
17001710
17201730
17401750
17601770
17801790
18001810
18201830
18401850
18601870
18801890
19001910
19201930
19401950
19601970
19801990
20002010
2020
US
A L
an
d
Ec
on
om
ists
&
Va
lua
tion
Mo
de
l C
on
tribu
tors
Au
stra
lia &
N
ew
Ze
ala
nd
La
nd
E
co
no
mis
ts &
V
alu
atio
n M
od
el
Co
ntrib
uto
rs
R e
a d
y - R e
c k
o n
e r s
& I n
t e r e
s t T
a b
l e s
S l i d
e R
u l e
s
12
Chronological Overview – 18th Century
NO
TE
S:
Ke
y co
ntrib
utio
ns
to
lan
d e
co
mo
mic
s
an
d in
co
me
v
alu
atio
n m
od
els
Co
mp
ute
rs
Ca
lcu
lato
rs
Sid
e R
ule
s
Re
ad
y-R
ec
ko
ne
rs&
Inte
res
t Ta
ble
s
UK
La
nd
E
co
no
mis
ts &
V
alu
atio
n M
od
el
Co
ntrib
uto
rs
Ce
ntu
ry/De
ca
de
16001610
16201630
16401650
16601670
16801690
17001710
17201730
17401750
17601770
17801790
18001810
18201830
18401850
18601870
18801890
19001910
19201930
19401950
19601970
19801990
20002010
2020
US
A L
an
d
Ec
on
om
ists
&
Va
lua
tion
Mo
de
l C
on
tribu
tors
Au
stra
lia &
N
ew
Ze
ala
nd
La
nd
E
co
no
mis
ts &
V
alu
atio
n M
od
el
Co
ntrib
uto
rs
R e
a d
y - R e
c k
o n
e r s
& I n
t e r e
s t T
a b
l e s
Smart published "Tables of Interest, Discount Annuites &c.Smith published "Wealth of Nations"- incl. theory of rent as function of price.
Baily wrote "Tables for the purchasing and renewing of leases" , consolidating earlier writers and giving mathematical
derivations of compound interest formulas
Co
mp
ute
rs
Ca
lcu
lato
rs
Sid
e R
ule
s
1726 - John Smart1776 - Adam Smith
1802 - Francis Baily
Ce
ntu
ry/De
ca
de
16001610
16201630
16401650
16601670
16801690
17001710
17201730
17401750
17601770
17801790
18001810
18201830
18401850
18601870
18801890
19001910
19201930
19401950
19601970
19801990
20002010
2020
R e
a d
y - R e
c k
o n
e r s
& I n
t e r e
s t T
a b
l e s
S l i d
e R
u l e
s
Chronological Overview – 19th Century
Baily wrote "Tables for the purchasing and renewing of leases" , consolidating earlier writers and giving mathematical
derivations of compound interest formulasInwood's "Tables for the Purchasing of Estates" - one of the most famous - used into the 20th CenturyMalthus published "An inquiry into the progress of rent"Ricardo published "On the principles of political economy"
Mills published "Elements of political economy"
Marx published "Das Kapital"
Hoskold published "Enginer's Valuing Assistant" reputedly created a capitalization rate @ speculative rate + sinking fund @ safe rate
Co
mp
ute
rs
Ca
lcu
lato
rs
Sid
e R
ule
s
1802 - Francis Baily
1811 - William Inwood1815 - Robert Malthus1817 - David Ricardo
1848 - John Stuart Mill
1867 - Karl Marx
1877 - Henry Hoskold
Ce
ntu
ry/De
ca
de
16001610
16201630
16401650
16601670
16801690
17001710
17201730
17401750
17601770
17801790
18001810
18201830
18401850
18601870
18801890
19001910
19201930
19401950
19601970
19801990
20002010
2020
R e
a d
y - R e
c k
o n
e r s
& I n
t e r e
s t T
a b
l e s
M e c h
a n I c a l C
a l c u l a t o
r s
S l i d
e R
u l e
s
NO
TE
S:
Ke
y co
ntrib
utio
ns
to
lan
d e
co
mo
mic
s
an
d in
co
me
v
alu
atio
n m
od
els
Co
mp
ute
rs
Ca
lcu
lato
rs
Sid
e R
ule
s
Re
ad
y-R
ec
ko
ne
rs&
Inte
res
t Ta
ble
s
UK
La
nd
E
co
no
mis
ts &
V
alu
atio
n M
od
el
Co
ntrib
uto
rs
Ce
ntu
ry/De
ca
de
16001610
16201630
16401650
16601670
16801690
17001710
17201730
17401750
17601770
17801790
18001810
18201830
18401850
18601870
18801890
19001910
19201930
19401950
19601970
19801990
20002010
2020
US
A L
an
d
Ec
on
om
ists
&
Va
lua
tion
Mo
de
l C
on
tribu
tors
Au
stra
lia &
N
ew
Ze
ala
nd
La
nd
E
co
no
mis
ts &
V
alu
atio
n M
od
el
Co
ntrib
uto
rs
R e
a d
y - R e
c k
o n
e r s
& I n
t e r e
s t T
a b
l e s
Chronological Overview – Early to Mid 20th Century
NO
TE
S:
Ke
y co
ntrib
utio
ns
to
lan
d e
co
mo
mic
s
an
d in
co
me
v
alu
atio
n m
od
els
Co
mp
ute
rs
Ca
lcu
lato
rs
Sid
e R
ule
s
Re
ad
y-R
ec
ko
ne
rs&
Inte
res
t Ta
ble
s
UK
La
nd
E
co
no
mis
ts &
V
alu
atio
n M
od
el
Co
ntrib
uto
rs
Ce
ntu
ry/De
ca
de
16001610
16201630
16401650
16601670
16801690
17001710
17201730
17401750
17601770
17801790
18001810
18201830
18401850
18601870
18801890
19001910
19201930
19401950
19601970
19801990
20002010
2020
US
A L
an
d
Ec
on
om
ists
&
Va
lua
tion
Mo
de
l C
on
tribu
tors
Au
stra
lia &
N
ew
Ze
ala
nd
La
nd
E
co
no
mis
ts &
V
alu
atio
n M
od
el
Co
ntrib
uto
rs
R e
a d
y - R e
c k
o n
e r s
& I n
t e r e
s t T
a b
l e s
Hurd defined urban value as economic rent or ground rent capitalized.Fisher reputedly coined the term "rate of capitalization" & the theory of valuing income-producing capital.
Webbs published "Valuation of Real Property: A guide to
the valuation of land and buildings etc. for various purposes" which capitalised nett annaul income at a number of years purchase .Parry published "Parry’s Valuation and Investment Tables "
Babcock wrote "The Appraisal of Real Estate".Mertzke advocated a "built-up capitalization rate". Grimes & Craigue advocated a "three-interest-rate".
Fisher wrote "Theory of Interest ".Thornson denounced "Annuitists" advocating Hoskold.Babcock advocated "Split capitalization rates" in "The Appraisal of Real Estate".Kniskern advocated a "Single capitalization rate" .Thornson - advocated "Split-rate capitalization method" with sinking fund added to the capitalization rateRoss originated "Band-of-investment" method.
Ratcliff wrote "Urban Land Econmics"John Murray wrote "Principles and Practice of Valuation"
Appraisal Institute starts "The Appraisal of Real Estate"Weimer advocated "capitalization as only valid method" Ellwood created mortgage-equity method and published "Tables for Real Estate Appraising and Financing"
Mobil Oil N.Z. Ltd. Publishes "DCF Investment Analysis"Speedy advocates "Investment by DCF methods."Graaskamp promoted a practical computer service for the income approach.
Co
mp
ute
rs
Ca
lcu
lato
rs
Sid
e R
ule
s
1910 - Clarence & Norman Webb1913 - Richard Parry
Ce
ntu
ry/De
ca
de
16001610
16201630
16401650
16601670
16801690
17001710
17201730
17401750
17601770
17801790
18001810
18201830
18401850
18601870
18801890
19001910
19201930
19401950
19601970
19801990
20002010
2020
Richard Hurd - 1903Irving Fisher - 1906
Frederick Babcock - 1924Arthur Mertzke - 1927
John Grimes & William Craigue - 1928
Irving Fisher - 1930Ivan Thornson - 1932
Frederick Babcock - 1932Phillip Kniskern - 1933
Ivan Thorson - 1936Thurston Ross - 1937
Richard Ratcliff - 1949
Appraisal Institute - 1951Arthur Weimer - 1953Leon Ellwood - 1959
James Graaskamp - 1969
John Murray - 1949
Mobil Oil N.Z. Ltd. - 1968Squire Speedy - 1968
R e
a d
y - R e
c k
o n
e r s
& I n
t e r e
s t T
a b
l e s
M e c h
a n I c a l C
a l c u l a t o
r sM
e c h a n
I c a l C a l c u
l a t o r s
S l i d
e R
u l e
s
S l i d
e R
u l e
s
R e
a d
y - R e
c k
o n
e r s
& I n
t e r e
s t T
a b
l e s
E l e c t r o
n i c C
a l c u l a t o
r s
Chronological Overview – Mid 20th Century
NO
TE
S:
Ke
y co
ntrib
utio
ns
to
lan
d e
co
mo
mic
s
an
d in
co
me
v
alu
atio
n m
od
els
Co
mp
ute
rs
Ca
lcu
lato
rs
Sid
e R
ule
s
Re
ad
y-R
ec
ko
ne
rs&
Inte
res
t Ta
ble
s
UK
La
nd
E
co
no
mis
ts &
V
alu
atio
n M
od
el
Co
ntrib
uto
rs
Ce
ntu
ry/De
ca
de
16001610
16201630
16401650
16601670
16801690
17001710
17201730
17401750
17601770
17801790
18001810
18201830
18401850
18601870
18801890
19001910
19201930
19401950
19601970
19801990
20002010
2020
US
A L
an
d
Ec
on
om
ists
&
Va
lua
tion
Mo
de
l C
on
tribu
tors
Au
stra
lia &
N
ew
Ze
ala
nd
La
nd
E
co
no
mis
ts &
V
alu
atio
n M
od
el
Co
ntrib
uto
rs
R e
a d
y - R e
c k
o n
e r s
& I n
t e r e
s t T
a b
l e s
Graaskamp driving force behind EDUCARE courses at Wisconsin UniversityAkerson developed "Ellwood Without Algebra method"Kinnard publishes "Income Property Valuation"Johnson published "The Instant Mortgage-Equity Technique" Greaves accredited with “... catalysed the gradual adoption of the DCF method of valuation in the UK"Wood advocates a "real value valuation method"North publishes "Real estate investment analysis and valuation"Marshall created "equated yield" model also producing the initial tables & "Donaldson's Investment Tables" (1979)Rose publishes "Rose’s Property Valuation Tables" Greenwell W. &. Co called for a "New valuation method"Bowcock publishes "Property Valuation Tables"Davidson published "Parry's Valuation and Investment Tables" 10th EditionFisher - refined Ellwood’s J-Factors for straight-line or
Sykes proposes a "Rational valuation model"Trott chaired "RICS Research project into property valuation methods"Blackadar developed a “dynamic capitalization” model Mason produced "American Institute of Real Estate Appraisers Financial Tables"Crosby advocates a "hybrid equated yield and real value (short-cut DCF) model"
Fisher and Martin publish "Income Property Appraisal" Appleby & Westwood publish "The Australian Valuation and Life Annuity Tables"Scarrett publishes "Property Valuation: The five methods"Brown proposed a "Split tenant-risk/market risk rate model"Alastair Adair et al publish "European Valuation Practice: Theory and Technique" Baum and Crosby publish "Property Investment Appraisal"French & Ward proposed an "Arbitrage model"Jefferies published "Urban Valuation in New Zealand - Vol. II" Rowland publishes "Property Investments and Their Financing"Baillieu Knight Frank - organised the "Property Economic Task Force"AIVLE issue "Information Paper on Use of Discounted Cash Flow in Property Valuations"RICS - issues "The Mallinson Report - The President’s Working Party on Commercial Property Valuations"Whipple publishes "Property valuation and analysis" Jefferies NZIV monograph "Discounted cash flow (DCF) valuation techniques & spreadsheet applications"NZIV issue "Guidance Note 4: Use of Discounted Cash Flow Techniques in Property Valuations."Lusht publishes "Real Estate Valuation"Andrew & Booth proposed an "Actuarial and a convertible bond model"
Co
mp
ute
rs
Ca
lcu
lato
rs
Sid
e R
ule
s
1972 - Michael Greaves1973 - Ernest Wood1975/76 Philip Marshall1976 - Jack Rose1976 - Greenwell W. & Co. 1978 - Philip Bowcock1978 - Alick Davidson
1980/82 - Stephen Sykes1980/86 - Andrew Trott1985 - Neil Crosby
1991 - Douglas Scarrett1994 - RICS1995 - Gerald Brown1995 - Alastair Adair et al1995 - Andrew Baum and Neil Crosby1995 - Nick French and Charles Ward1996 - Andrew Adams and Philip Booth
Ce
ntu
ry/De
ca
de
16001610
16201630
16401650
16601670
16801690
17001710
17201730
17401750
17601770
17801790
18001810
18201830
18401850
18601870
18801890
19001910
19201930
19401950
19601970
19801990
20002010
2020
Charles Akerson - 1970William Kinnard Jnr - 1971
Graaskamp - 1971Irvin Johnson - 1972 Lincoln North - 1973Jeffrey Fisher - 1979
James Mason - 1982Gordon Blackadar -1981/83
Jeffrey Fisher andRobert Martin -1991
Ken Lusht - 1996
Appleby and Westwood - 1991
Baillieu Knight Frank - 1992Jefferies - 1990
Patrick Rowland - 1993AIVLE - 1993.
Tom Whipple - 1995Rodney Jefferies - 1995
NZIV - 1995Rodney Jefferies - 1996/7
AIVLE - 1997
R e
a d
y - R e
c k
o n
e r s
& I n
t e r e
s t T
a b
l e s
R e
a d
y - R e
c k
o n
e r s
& I n
t e r e
s t T
a b
l e s
C o
m p
u t e r s
E l e c t r o
n i c C
a l c u l a t o
r sE
l e c t r o n
i c C a l c u
l a t o r s
C o
m p
u t e r s
Chronological Overview – Late 20th Century - 1990s
NO
TE
S:
Ke
y co
ntrib
utio
ns
to
lan
d e
co
mo
mic
s
an
d in
co
me
v
alu
atio
n m
od
els
Co
mp
ute
rs
Ca
lcu
lato
rs
Sid
e R
ule
s
Re
ad
y-R
ec
ko
ne
rs&
Inte
res
t Ta
ble
s
UK
La
nd
E
co
no
mis
ts &
V
alu
atio
n M
od
el
Co
ntrib
uto
rs
Ce
ntu
ry/De
ca
de
16001610
16201630
16401650
16601670
16801690
17001710
17201730
17401750
17601770
17801790
18001810
18201830
18401850
18601870
18801890
19001910
19201930
19401950
19601970
19801990
20002010
2020
US
A L
an
d
Ec
on
om
ists
&
Va
lua
tion
Mo
de
l C
on
tribu
tors
Au
stra
lia &
N
ew
Ze
ala
nd
La
nd
E
co
no
mis
ts &
V
alu
atio
n M
od
el
Co
ntrib
uto
rs
R e
a d
y - R e
c k
o n
e r s
& I n
t e r e
s t T
a b
l e s
Sykes proposes a "Rational valuation model"Trott chaired "RICS Research project into property valuation methods"Blackadar developed a “dynamic capitalization” model Mason produced "American Institute of Real Estate Appraisers Financial Tables"Crosby advocates a "hybrid equated yield and real value (short-cut DCF) model"
Fisher and Martin publish "Income Property Appraisal" Appleby & Westwood publish "The Australian Valuation and Life Annuity Tables"Scarrett publishes "Property Valuation: The five methods"Brown proposed a "Split tenant-risk/market risk rate model"Alastair Adair et al publish "European Valuation Practice: Theory and Technique" Baum and Crosby publish "Property Investment Appraisal"French & Ward proposed an "Arbitrage model"Jefferies published "Urban Valuation in New Zealand - Vol. II" Rowland publishes "Property Investments and Their Financing"Baillieu Knight Frank - organised the "Property Economic Task Force"AIVLE issue "Information Paper on Use of Discounted Cash Flow in Property Valuations"RICS - issues "The Mallinson Report - The President’s Working Party on Commercial Property Valuations"Whipple publishes "Property valuation and analysis" Jefferies NZIV monograph "Discounted cash flow (DCF) valuation techniques & spreadsheet applications"NZIV issue "Guidance Note 4: Use of Discounted Cash Flow Techniques in Property Valuations."Lusht publishes "Real Estate Valuation"Andrew & Booth proposed an "Actuarial and a convertible bond model"
Co
mp
ute
rs
Ca
lcu
lato
rs
Sid
e R
ule
s
1980/82 - Stephen Sykes1980/86 - Andrew Trott1985 - Neil Crosby
1991 - Douglas Scarrett1994 - RICS1995 - Gerald Brown1995 - Alastair Adair et al1995 - Andrew Baum and Neil Crosby1995 - Nick French and Charles Ward1996 - Andrew Adams and Philip Booth
Ce
ntu
ry/De
ca
de
16001610
16201630
16401650
16601670
16801690
17001710
17201730
17401750
17601770
17801790
18001810
18201830
18401850
18601870
18801890
19001910
19201930
19401950
19601970
19801990
20002010
2020
James Mason - 1982Gordon Blackadar -1981/83
Jeffrey Fisher andRobert Martin -1991
Ken Lusht - 1996
Appleby and Westwood - 1991
Baillieu Knight Frank - 1992Jefferies - 1990
Patrick Rowland - 1993AIVLE - 1993.
Tom Whipple - 1995Rodney Jefferies - 1995
NZIV - 1995Rodney Jefferies - 1996/7
AIVLE - 1997
R e
a d
y - R e
c k
o n
e r s
& I n
t e r e
s t T
a b
l e s
R e
a d
y - R e
c k
o n
e r s
& I n
t e r e
s t T
a b
l e s
C o
m p
u t e r s
E l e c t r o
n i c C
a l c u l a t o
r sE
l e c t r o n
i c C a l c u
l a t o r s
C o
m p
u t e r s
Chronological Overview – Beginnings of 21st Century - 2000s
NO
TE
S:
Ke
y co
ntrib
utio
ns
to
lan
d e
co
mo
mic
s
an
d in
co
me
v
alu
atio
n m
od
els
Co
mp
ute
rs
Ca
lcu
lato
rs
Sid
e R
ule
s
Re
ad
y-R
ec
ko
ne
rs&
Inte
res
t Ta
ble
s
UK
La
nd
E
co
no
mis
ts &
V
alu
atio
n M
od
el
Co
ntrib
uto
rs
Ce
ntu
ry/De
ca
de
16001610
16201630
16401650
16601670
16801690
17001710
17201730
17401750
17601770
17801790
18001810
18201830
18401850
18601870
18801890
19001910
19201930
19401950
19601970
19801990
20002010
2020
US
A L
an
d
Ec
on
om
ists
&
Va
lua
tion
Mo
de
l C
on
tribu
tors
Au
stra
lia &
N
ew
Ze
ala
nd
La
nd
E
co
no
mis
ts &
V
alu
atio
n M
od
el
Co
ntrib
uto
rs
R e
a d
y - R e
c k
o n
e r s
& I n
t e r e
s t T
a b
l e s
Fisher and Martin publish "Income Property Appraisal" Appleby & Westwood publish "The Australian Valuation and Life Annuity Tables"Scarrett publishes "Property Valuation: The five methods"Brown proposed a "Split tenant-risk/market risk rate model"Alastair Adair et al publish "European Valuation Practice: Theory and Technique" Baum and Crosby publish "Property Investment Appraisal"French & Ward proposed an "Arbitrage model"Jefferies published "Urban Valuation in New Zealand - Vol. II" Rowland publishes "Property Investments and Their Financing"Baillieu Knight Frank - organised the "Property Economic Task Force"AIVLE issue "Information Paper on Use of Discounted Cash Flow in Property Valuations"RICS - issues "The Mallinson Report - The President’s Working Party on Commercial Property Valuations"Whipple publishes "Property valuation and analysis" Jefferies NZIV monograph "Discounted cash flow (DCF) valuation techniques & spreadsheet applications"NZIV issue "Guidance Note 4: Use of Discounted Cash Flow Techniques in Property Valuations."Lusht publishes "Real Estate Valuation"Andrew & Booth proposed an "Actuarial and a convertible bond model"
Isaac and Terry Steley publish "Property Valuation Techniques"Tony Johnson et al publish "Modern Methods of Valuation - 9th Ed"Kenneth Lusht publishes "Real Estate Valuation - Principles and Applications"Akerson publishes AI's "Capitalisation Theory and Techniques: Study Guide"Schulte publishes "Real Estate Education Throughout The World: Past, Present and Future"Fischer publishes "Property Valuation Methodology"Harvard publishes "Investment Property Valuation Today"Davidson publishes 12th & 13th Edns of "Parry's Valuation & Investment Tables"AI publish 12th & 13th Edns of "The Appraisal of Real Estate"Fisher and Martin publish 2nd & 3rd Edns of "Income Property Valuation"Andrew Baum et al publish 4th Ed of "The Income Approach to Property Valuation"Sarah Sayce et al publish "Real Estate Appraisal: From Value to Worth" Whipple publishes 2nd Edn of "Property valuation and analysis"Reed edits "The valuation of real estate – the Australian edition of the Appraisal of Real Estate – 12th Edn" Wyatt publishes "Property valuation in an economic context"Baum and Crosby publish 3rd Edn of "Property Investment Appraisal"Scarrett publishes 2nd Edn of "Property Valuation: The
Co
mp
ute
rs
Ca
lcu
lato
rs
Sid
e R
ule
s
1991 - Douglas Scarrett1994 - RICS1995 - Gerald Brown1995 - Alastair Adair et al1995 - Andrew Baum and Neil Crosby1995 - Nick French and Charles Ward1996 - Andrew Adams and Philip Booth
2000 - David Isaac and Terry Steley 2000 - Tony Johnson et al2002 - Tim Harvard2002 & 2008 - Alick Davidson2006 - Andrew Baum et al2006 - Sarah Sayce et al2007 - Peter Wyatt 2008 - Andrew Baum and Neil Crosby2008 - Douglas Scarrett
Ce
ntu
ry/De
ca
de
16001610
16201630
16401650
16601670
16801690
17001710
17201730
17401750
17601770
17801790
18001810
18201830
18401850
18601870
18801890
19001910
19201930
19401950
19601970
19801990
20002010
2020
Jeffrey Fisher andRobert Martin -1991
Ken Lusht - 1996
Kenneth Lusht - 2000Karl-Verner Schulte - 2001
Charles Akerson - 2000 & 2009Appraisal Institute - 2001 & 2008
Jeffrey Fisher and Robert Martin - 2005 & 2008
Appleby and Westwood - 1991
Baillieu Knight Frank - 1992Jefferies - 1990
Patrick Rowland - 1993AIVLE - 1993.
Tom Whipple - 1995Rodney Jefferies - 1995
NZIV - 1995Rodney Jefferies - 1996/7
AIVLE - 1997
Dominick Fischer - 2002Tom Whipple - 2006Richard Reed - 2007
R e
a d
y - R e
c k
o n
e r s
& I n
t e r e
s t T
a b
l e s
E l e c t r o
n i c C
a l c u l a t o
r s
C o
m p
u t e r s