No computer can replace my expert judgment and experience! We’ve heard words like this. And there is a contingent of “quants” who rely on a high level of competence in quantitative methods, which may include statistics, machine learning, and artificial intelligence. Each expert type has a hammer. And each is right in their own way. […]
Judgment vs. Data. Computer quants vs field experts. Each thinks they have a better hammer. “Experts” think the quants are hammering screws. Quants think the experts have their eyes closed. Both have sore thumbs. Judgment Here, in part 2 we will look at the field-related expert, excelling in experience and judgment. In part 3, we […]
For some people, Evidence Based Valuation (EBV)© feels like a threat to “proven” appraisal practices. Others may believe it is a pressing, needed radical change. It is neither. Modernized appraisal unifies the best of established theory and modern methods. It is that simple. Traditional appraisal practice was built on sound fundamentals of economic theory. These […]