Abstract:

 Following synthesis of theory evaluation studies were identified several issues criticized by academics and practitioners. Most problems occurred due to lack of appropriate theoretical fundamentals. Currently, evaluation theory is defined based on neoclassical economic theory, based on the concept of value-utility theory underwent considerable changes in recent decades. Theory evaluation, however, failed to comply with the changes, which created problems in practice.

The methodology of the combination (reconciliation) can be found in the specialized literature in three approaches - by cost, by income and by comparison. These approaches are focused on neoclassical economic theory, which could be derived from the idea of long-term market value matching with costs. Modern economic theory accepts that costs and market value over a long horizon may have a tendency to approach, but at the same time, he mentions that in reality there is no internal reason for ensuring this approach or long-term equivalence. The present article presents the results of our research regarding the analysis of valuation theory from the perspective of modern economic theory. A first conclusion was that the significance of the methodology of reconciliation of values could diminish and the theory of valuation could use probabilistic notions because the heritage markets are uncertain.