Pre‐bid building price forecasting accuracy: price intensity theory
Engineering, Construction and Architectural Management
ISSN: 0969-9988
Article publication date: 1 March 1999
Abstract
A theory of pre‐bid building price forecasting accuracy is proposed, based on the heuristic bias framework and with reference to the common practice of basing building price forecasts on the price per square metre of floor area, termed here as Price Intensity (PI). The main prediction of the theory, that high PI contracts will be underestimated and low PI contracts will be overestimated, is tested by a re‐analysis of a set of Singapore data and in comparison with previous work.
Keywords
Citation
GUNNER, J. and SKITMORE, M. (1999), "Pre‐bid building price forecasting accuracy: price intensity theory", Engineering, Construction and Architectural Management, Vol. 6 No. 3, pp. 267-275. https://doi.org/10.1108/eb021117
Publisher
:MCB UP Ltd
Copyright © 1999, MCB UP Limited