This monograph critically reviews and updates real estate valuation theory in light of developments in heterodox economic theory. Building on a comprehensive historical account of the
evolution of value theory, the book uses new institutional economics theory and critical realism as lenses through which problems in standard valuation theory and practice are expatiated, and
as the foundation for an alternative theory. The new theory is employed to explain major problems in real estate valuation that are beyond the capability of the standard theory, which has its
origins in neoclassical economics, such as price bubbles in real estate markets and valuation under uncertain market conditions.
