ABSTRACT There is widespread acceptance that both intuition and rationality can play significant roles in valuation decision-making. However, a study that specifically examines how intuitive and rational approaches interact is still missing. This study addresses this gap by applying cognitive theories of information processing and using a very detailed analysis of verbal protocols to propose a model of cognitive structure that identifies and describes the reasoning of property valuers during a commercial valuation task. The empirical data suggest that valuers start with an established goal and then engage in analytical and intuitive thinking until a valuation outcome has been reached. It is argued that a major reason for effective valuation decision-making, in a real-world context, is that the cognitive processes required by experts’ analytical and intuitive thinking demonstrate greater degree of cohesiveness and interrelatedness. The ability of valuers to integrate more intuition into their largely rational decision-making process suggests the need for valuation professional organisations to formally acknowledge intuition as an important component of valuation professional competence and skill requirement and to customise professional valuers’ training and development programmes to facilitate the development of appropriate intuitive approaches for effective valuation decision-making.

中文翻译：

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评估决策中直觉与理性的相互作用研究

摘要直觉和理性都可以在估值决策中扮演重要角色，这一点已被广泛接受。但是，仍然没有一项研究专门研究直觉和理性方法如何相互作用的研究。这项研究通过应用信息处理的认知理论并通过对言语协议进行非常详细的分析来提出这一认知结构模型，以识别和描述在商业评估任务期间财产估价师的推理，从而弥补了这一空白。经验数据表明，估值师从既定目标开始，然后进行分析性和直觉性思考，直到得出估值结果。有人认为，在现实世界中，进行有效估值决策的主要原因是，是专家的分析和直觉思维所需的认知过程显示出更高程度的凝聚力和相互联系。估值师将更多的直觉纳入其基本理性的决策过程的能力表明，估值专业组织需要正式承认直觉是估值专业能力和技能要求的重要组成部分，并定制专业估值师的培训和发展计划以促进开发适当的直观方法以进行有效的估值决策。