Abstract
This and the following chapter develop the alternative theory of real estate market value. In the present chapter we lay down its meta-theoretic foundations, on which the substantive theory is constructed in the next. The intent in this chapter is to, in Lakatosian terms, set up a new ‘hard core’ on which an entirely new way of thinking about market value could be based. The remarkable resilience of the standard theory in economics, despite glaring problems and mounting criticism, has been because the neoclassical theory on which it is based provides a logical and internally consistent set of ontological, epistemological and methodological assumptions. The alternative theory, if it is to be able to mount an effective challenge to the standard valuation theory, and to be proofed against the inevitable critical onslaught, must equally be grounded in its own logical and internally consistent set of fundamental principles.
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Mooya, M.M. (2016). An Alternative Theory of Market Value: Ontological Foundations. In: Real Estate Valuation Theory. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-662-49164-5_6
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DOI: https://doi.org/10.1007/978-3-662-49164-5_6
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