Baroini, Barthelemy and Mckrane (2005) created a cash flow model that deviated from the more
traditional DCF-based models. Using geometric Brownian processes for rental income and reversion
priceiii, the authors concluded that MCS complemented the more classical point-estimate DCF
approaches to real estate valuations. However, as with earlier studies, the use of more advanced
statistical measures and probability theory required a higher foundation in mathematics by the typical
appraiser or real estate investor.