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	title of this thread your message This sort of appraisal is not an inductive method. It is not a parametric statistical inference, because the N's are always too small and the distribution of the population of comparable sales is never known. But it is also not a pie in the sky guess. The methodology is a specific varitety of deductive inference called praxeology (what the Austrian Economists who thought it up early in the last century liked to call it). Praxeology assumes first principles of logic operating in a human mind to make choices(this is the deductive part) and then goes out and seeks evidence resulting from that logic (the praxis part). Praxeology is the science of logics of human choice and using those logics and the events they trigger to estimate what would occur if an event (say a sale in real estate) were to occur. It has often been ridiculed as a dubious method, but no theoretician in ANY field has ever come up with a more accurate AND cost effective way of estimating what a property may sell for. ALL valuations of all real estate are fundamentally underpinned by a praxeological method utiltizing to one extent or another the principle of substitution. Some try to dress it up with statistically significant inferences (though they steadfastly refuse to inform folks that the assumptions of the regression models are always violated and so are NOT statistically significant), but it is always a praxeology underneath. Recent, sophisticated social scientists, especially game theorists, who began to understand the profound inabiility of the inductive scientific method to explore validly much phenomena involving human choice put a new dress and some competitive interplay assumptions on praxeology and renamed it strategic bargaining games and counterfactual inference. The only problem is that the bargaining games are more full of assumptions than the praxeology itself, and so are even more vulnerable to manipulations by those with dubious ethics. And the counterfactual inferences are really just praxeologies with a new name. So, your appraiser says: the highest and best use of the Wright house is to be collected. He researches and finds sales of Wright Houses. He finds two the last year. He researches and finds sales of non collector houses in the neighborhood. He concludes there is a huge premium that will be paid for the Wright house because it is a Wright House. associated web images (optional) associated web link (optional) your email your password create a forums account \| you forgot your password?