| description abstract | Understanding and assessing the value of building systems to stakeholders and the impacts of decision making on this value has become a national imperative. However, there is still a lack of understanding and formalized modeling of what different stakeholders value (e.g., energy conservation, safety, economic growth) in buildings and how to valuate (i.e., quantify the worth) buildings based on these values. This paper proposes an axiology-based valuation modeling approach. Axiology is a theory of value (worth) that explores questions such as what are the objects that we value and how to measure their value. The paper focuses on presenting an axiology-based mathematical value quantification and aggregation model for quantifying the worth of a building object based on object properties and stakeholder values. The proposed model is theoretically grounded in formal axiology. It builds on two key notions in Hartman’s formal axiology. First, object valuation depends on its properties. Second, valuation has systemic, extrinsic, and intrinsic dimensions. The model was validated through predictive validation, which measures the correlation between actual stakeholder rankings of valuated objects and model-predicted rankings. The results of the validation show that there is a very strong and significant positive correlation between the two types of rankings, which indicates that the proposed valuation model is valid. The proposed model contributes to the body of knowledge by offering a way to assess the value of building objects based on stakeholder values; it could facilitate value-sensitive decision making by embodying stakeholder values in project planning and design toward better synergy between human values and the built environment. | |
