The Valuation Method Based on Two Cumulative Distribution Functions with Different Beta Distribution Families
摘要
This paper presents a comparative study conducted using the valuation method based on two cumulative distribution functions (VMTCDF) and four Beta distributions: including the one used in the PERT methodology, the generalized distribution introduced by Caballer (Valoración Agraria Teoría y Práctica, 4th ed. Mundi-Prensa, 1998), the restricted distribution employed by Herrerías and Herrerías (Anales de Economía Aplicada, XXVI, 124. Universidad Camilo José Cela. Delta Publicaciones Universitarias S. L., 2012), and a new family of symmetric Beta distributions with a fixed sum of parameters. This study adheres to the conservative principle proposed by Taha (Investigación de Operaciones. Representaciones y Servicios de Ingeniería S.A., 1981) and takes as a practical case one presented by Ballestero and Rodríguez (El precio de los inmuebles urbanos. CIE, Dossat 2000, 2a edición, 1999), solved with the formulas obtained by Romero (Revista de Economía Política 75:47–62, 1977) for triangular distributions. This practical case is expanded with the trapezoidal distribution, which is employed both as another model, as indicated by García et al. (Estudios Agrosociales y Pesqueros 185:57–80, 1998), and as a tool to provide an average of the four valuations obtained with the four Beta distributions mentioned earlier.