What are the Three Erroneous Zones? Problem solving works best if you can give the error a name. Do appraisers operate in the three erroneous zones? Errors are best handled if you can clearly identify the type of mistake. In the Fall of 2013, The Appraisal Journal, published my paper, Common Statistical Errors and Mistakes: Valuation […]
A “black swan event” is random and unexpected. Popularized by Nassim Taleb in his book “The Black Swan,” which describes an event (such as the last economic meltdown) as an unpredictable event. I ask, are the repeat real estate crises of every 10-12 years unpredictable, or a bevy of black swans migrating in wedge formation? […]
Errors and mistakes can be “statistical.” They can be modeling Blunders. Or they can be of a third type: misjudging what the data is showing you. As we continue to grow the CAA (Community of Asset Analysts), we find that our body of useful algorithms and shared programs continues to deepen and widen. The accuracy […]