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"A Statistical Definition of Value": A Critical Comment (Letters to the Editor)
Appraisal Journal 2003, July, 71, 3
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In Max Kummerow's above referenced Journal article (October 2002), he argues against traditional verbal definitions of market value and instead favors a statistical definition of value. Some of the issues related to "thinking statistically" about definitions and valuations were analyzed in earlier works by Kummerow (1) and Colwell. (2) There are a number of important points in these articles, especially in Kummerow's, but it will be argued here that he has drawn too far-reaching conclusions in his most recent 2002 article. Main arguments and conclusions in Kummerow (2000) (3)
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