The purpose of this chapter is to set out the difficulties of valuing both complex financial instruments and real estate, and especially commercial real estate and development land. These are issues which economists do not take into account in developing theories of value. Such theories may also be detached from developments in financial instruments and the markets themselves. The chapter describes the methodologies used to value commercial real estate and complex financial instruments. It is already clear that Lehman either did not use the appropriate methodologies or applied them without making use of the relevant data, or did not use the correct verification procedures at all.
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