A Conceptual Framework for Property Risk: Known, unknown and Unknowable
||Perera, Treshani; David Higgins
||A Conceptual Framework for Property Risk: Known, unknown and Unknowable
||23rd Annual European Real Estate Society Conference in Regensburg, Germany
||The success and failure of modern financial risk management in many instances are associated with understanding and managing extreme risk events. To forward the measurement and theory advancing this practice, Diebold et al (2010) skilfully conceptualised the downside risks into Known (K), the unknown (u) and the Unknowable (U) risk categories. This research paper takes the form of a narrative synthesis applying a literature review approach to better understand this conceptual framework and the application to property risk management.Whilst existing literature on property risk management focusses extensively on Known risk, the gradual evolution or social, technical and ecological events have thrown up sudden, unexpected shocks that result in a possibility of regression from the Known to unknown risk category. The increased frequency and magnitude of these risks form part of this research paper and provide property professionals with valuable information to make major corporate property decisions.
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||Change and Risk - Issues for Property Valuation work?
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