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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(02), 39–56.

  • Type: Journal Article
  • Keywords: discounting; property valuation; investment appraisal; land use; building obsolescence; depreciation; environment and cities
  • ISBN/ISSN: 1366-4387
  • URL: http://www.emeraldinsight.com/journals.htm?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.