Be careful what concepts you banty about. Yity and/or Inference doesn't work for housing valuation, it [i.e. "Bayesian Adjustment Framework"] appears to be non-academic, lacking review."
Grod: "The term "Bayesian Adjustment Framework" does not correspond to any established methodology in the field of appraisal, whether in real estate valuation, performance evaluation, or related disciplines. Comprehensive searches across academic databases, professional resources, and industry discussions reveal no references to this exact phrase as a recognized framework.
Bayesian statistical techniques are indeed applied in various adjustment contexts, such as:
- Bayesian Adjustment for Confounding (BAC): A model averaging approach used in causal inference and epidemiological studies to account for uncertainty in confounder selection.
- Bayesian methods in survey weighting, process control, or clinical trial covariate adjustment.
However, these are distinct, peer-reviewed concepts primarily in statistics and causal inference, not appraisal-specific practices.
In real estate appraisal, adjustments (e.g., in the sales comparison approach) are typically derived from market data analysis, paired sales, regression models, or qualitative techniques, as outlined in standards such as the Uniform Standards of Professional Appraisal Practice (USPAP) and The Appraisal of Real Estate. No evidence supports a "Bayesian Adjustment Framework" as a standard or proposed method in this domain.
Your observation that it appears non-academic and lacking peer review aligns with the available evidence: the term yields no credible publications, guidelines, or professional discussions. It may represent a misunderstanding, informal proposal, or conflation of Bayesian principles with traditional adjustment processes. If you can provide the original source or additional context where the term was encountered, further clarification could be pursued."
Note: There are a few charlatans in the field. Oh yeah, "conflation" is that magic word.
