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Determining the utility functions of criteria used in the evaluation of real estate

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  • Gomes, Luiz Flávio Autran Monteiro
  • Rangel, Luís Alberto Duncan

Abstract

This article presents an application of the UTA method and its variant UTA-CR to determining utility functions for the multicriteria evaluation of residential real estate. Data for the city of Volta Redonda, Brazil, were used in this study. Unlike UTA, UTA-CR makes use of the decision agents' preferences in relation to a set of criteria to determine a ranking of the alternatives. It was concluded that UTA-CR manages to obtain utility functions closer to the preferences of the decision agents as compared to these that result from the use of UTA. This demonstrates an important advantage of UTA-CR over UTA.

Suggested Citation

  • Gomes, Luiz Flávio Autran Monteiro & Rangel, Luís Alberto Duncan, 2009. "Determining the utility functions of criteria used in the evaluation of real estate," International Journal of Production Economics, Elsevier, vol. 117(2), pages 420-426, February.
    • Handle: RePEc:eee:proeco:v:117:y:2009:i:2:p:420-426
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    References listed on IDEAS

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    1. Jacquet-Lagreze, E. & Siskos, J., 1982. "Assessing a set of additive utility functions for multicriteria decision-making, the UTA method," European Journal of Operational Research, Elsevier, vol. 10(2), pages 151-164, June.
    2. Keeney,Ralph L. & Raiffa,Howard, 1993. "Decisions with Multiple Objectives," Cambridge Books, Cambridge University Press, number 9780521438834.
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    1. Dieudonné Tchuente & Serge Nyawa, 2022. "Real estate price estimation in French cities using geocoding and machine learning," Annals of Operations Research, Springer, vol. 308(1), pages 571-608, January.
    2. Marjan S. Jalali & Fernando A. F. Ferreira & João J. M. Ferreira & Ieva Meidutė-Kavaliauskienė, 2016. "Integrating Metacognitive and Psychometric Decision-Making Approaches for Bank Customer Loyalty Measurement," International Journal of Information Technology & Decision Making (IJITDM), World Scientific Publishing Co. Pte. Ltd., vol. 15(04), pages 815-837, July.

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