Antwi, A and Deakin, M (1996) Discounting, obsolescence, depreciation and their effects on the environment of cities. Journal of Financial Management of Property and Construction, 1(2), pp. 39-56. ISSN 1366-4387
Abstract
This paper examines the critique of discounting, which the pro-environmentalist, sustainability lobby have made in relation to property valuation, investment appraisal and the application of the principle in the income based net annual return model of land use time-horizons and the spatial configuration of building programmes. It examines the argument put forward regarding the link between the selection of a discount rate, the valuation of property, appraisal of invest7nent and inter-generational downloading of costs associated with the use of land, repair, maintenance and refurbishment of buildings. The downloading of costs, seen by some, to work against the introduction of experimental designs aimed at energy saving, clean air environments. The paper suggests there are a number of contradictions in this argument and proposes that an assessment of the impact which the redevelopment process has on the environment of cities should be based on an economic evaluation and appraisal of land use, building obsolescence and depreciation.
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | discounting, property valuation, investment appraisal, land use, building obsolescence, depreciation, environment and cities |
| Index terms: | repair, income, land, economic evaluation, energy-saving, experimental design, lobby, obsolescence, redevelopment, critique, appraisal, investment appraisal, programme, spatial configuration, land use |
| Subjects: | economic analysis, evaluation and assessment methods, real estate economics, factor and component analysis, maintenance engineering, asset management, energy systems, architectural elements, infrastructure and transport systems, financial analysis, research design and methodology, architectural design, project controls |
| Topics: | Research Practice, Sustainability, Time Control, Business Strategy, Design Practice, Urban Studies, Cost Management |
| Descriptive scope: | 3 PCA |
N.B. Descriptive scope is a count of how many of the five facets of empirical research are indicated by the words used in title, abstract and keywords. It is not intended as a judgement on the research; merely a count of the kind of word we would expect to indicate Phenomenon, Concepts, Theoretical framing, Empirical techniques, Analytical techniques. If all five are present, then a code of “5 PCTEA” will indicate this. If you feel the coding for this record is questionable, we welcome discussion around the terms we matched or the way we categorized them. The facet you would expect may not be coded, or a facet may be coded inappropriately. This can also bear on a larger question, of which facets should be treated as defining in construction management research. Please get in touch, and we will look at it. More details here