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Modelling aesthetic variables in the valuation of paintings: an interval goal programming approach

Author

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  • J Aznar

    (Universidad Politécnica de Valencia)

  • F Guijarro

    (Universidad Politécnica de Valencia)

Abstract

The economic valuation of works of art is a decisive subject in the general field of valuation. Unlike in other areas of valuation, the explanatory power of the directly observable and quantifiable variables is very low, therefore, aesthetic criteria must be used to obtain valuation models with a greater explanatory power. Frequently, these aesthetic criteria are not always precise, and experts usually express them as an interval of values. This paper describes different valuation models that use the goal programming optimisation method to include explanatory variables of the closing price in the form of intervals of values. We have also modelled the possibility that an expert can determine the relevance of each observation in the formation of the valuation function depending on the degree of precision with which the variables have been defined.

Suggested Citation

  • J Aznar & F Guijarro, 2007. "Modelling aesthetic variables in the valuation of paintings: an interval goal programming approach," Journal of the Operational Research Society, Palgrave Macmillan;The OR Society, vol. 58(7), pages 957-963, July.
    • Handle: RePEc:pal:jorsoc:v:58:y:2007:i:7:d:10.1057_palgrave.jors.2602218
    DOI: 10.1057/palgrave.jors.2602218
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    References listed on IDEAS

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    Cited by:

    1. Jerónimo Aznar & Francisco Guijarro & José Moreno-Jiménez, 2011. "Mixed valuation methods: a combined AHP-GP procedure for individual and group multicriteria agricultural valuation," Annals of Operations Research, Springer, vol. 190(1), pages 221-238, October.
    2. Kashyap Ravi, 2020. "The Economics of Enlightenment: Time Value of Knowledge and the Net Present Value (NPV) of Knowledge Machines, A Proposed Approach Adapted from Finance," The B.E. Journal of Economic Analysis & Policy, De Gruyter, vol. 20(2), pages 1-23, April.
    3. Kashyap Ravi, 2020. "The Economics of Enlightenment: Time Value of Knowledge and the Net Present Value (NPV) of Knowledge Machines, A Proposed Approach Adapted from Finance," The B.E. Journal of Economic Analysis & Policy, De Gruyter, vol. 20(2), pages 1-23, April.
    4. Sun, Yuying & Zhang, Xinyu & Wan, Alan T.K. & Wang, Shouyang, 2022. "Model averaging for interval-valued data," European Journal of Operational Research, Elsevier, vol. 301(2), pages 772-784.
    5. Ravi Kashyap, 2019. "The Economics of Enlightenment: Time Value of Knowledge and the Net Present Value (NPV) of Knowledge Machines, A Proposed Approach Adapted from Finance," Papers 1908.03233, arXiv.org, revised Jan 2021.

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