We expect a negative coefficient [[beta].sub.2], indicating that the overimprovement
in mortality rates of annuitants decreases over time.
The term appraisers have for that is ''overimprovement
Or because the kitchen may represent an overimprovement
(superadequacy), functional obsolescence should be considered.
Even homeowners who benefited from a runup in house prices can still regret overimprovement
. In 1977, David and Carolyn McCalla bought a rambling '60s-style four-bedroom ranch house in a stable Miami suburb for 69,000.
The term "discretionary" refers to lavish landscaping, steel I beams as floor joists in residential construction, and other cases of extra or overimprovement
. "Discretionary" implies something greater than what is needed for functional or economic utility purposes or to cure obsolescence of any kind.