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Comparing Rough Set Theory with Multiple Regression Analysis as Automated Valuation Methodologies

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Author Info
Maurizio d’Amato () (1st Faculty of Engineering, Technical University of Bari, Politecnico di Bari, Italy)
Abstract

This paper focuses on the problem of applying rough set theory to mass appraisal. This methodology was first introduced by a Polish mathematician, and has been applied recently as an automated valuation methodology by the author. The method allows the appraiser to estimate a property without defining econometric modeling, although it does not give any quantitative estimation of marginal prices. In a previous paper by the author, data were organized into classes prior to the valuation process, allowing for the if-then, or right “rule” for each property class to be defined. In that work, the relationship between property and class of valued was said to be dichotomic.

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Publisher Info
Article provided by Asian Real Estate Society in its journal International Real Estate Review.

Volume (Year): 10 (2007)
Issue (Month): 2 ()
Pages: 42-65
Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
Handle: RePEc:ire:issued:v:010:n:02:2007:p:42-65

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Postal: Asia Real Estate Society, 51 Monroe Street, Plaza E-6, Rockville, MD 20850, USA
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Postal: Asian Real Estate Society, 51 Monroe Street, Plaza E-6, Rockville, MD 20850, USA
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Related research
Keywords: mass appraisal; property valuation; rough set theory; valued tolerance relation;

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Find related papers by JEL classification:
L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services

References listed on IDEAS
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  1. Rosen, Sherwin, 1974. "Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition," Journal of Political Economy, University of Chicago Press, vol. 82(1), pages 34-55, Jan.-Feb.. [Downloadable!] (restricted)
  2. Pace, R Kelley, et al, 1998. "Spatiotemporal Autoregressive Models of Neighborhood Effects," The Journal of Real Estate Finance and Economics, Springer, vol. 17(1), pages 15-33, July. [Downloadable!] (restricted)
  3. Elaine M. Worzala & Margarita Lenk & Ana Silva, 1995. "An Exploration of Neural Networks and Its Application to Real Estate Valuation," Journal of Real Estate Research, American Real Estate Society, vol. 10(2), pages 185-202. [Downloadable!]
  4. Peter F. Colwell & Roger E. Cannaday & Chunchi Wu, 1983. "The Analytical Foundations of Adjustment Grid Methods," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 11(1), pages 11-29. [Downloadable!] (restricted)
  5. George H. Lentz & Ko Wang, 1998. "Residential Appraisal and the Lending Process: A Survey of Issues," Journal of Real Estate Research, American Real Estate Society, vol. 15(1), pages 11-40. [Downloadable!]
  6. Han-Bin Kang & Alan K. Reichert, 1991. "An Empirical Analysis of Hedonic Regression and Grid-Adjustment Techniques in Real Estate Appraisal," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 19(1), pages 70-91. [Downloadable!] (restricted)
  7. Pawlak, Zdzislaw, 1997. "Rough set approach to knowledge-based decision support," European Journal of Operational Research, Elsevier, vol. 99(1), pages 48-57, May. [Downloadable!] (restricted)
  8. Mok, Henry M K & Chan, Patrick P K & Cho, Yiu-sun, 1995. "A Hedonic Price Model for Private Properties in Hong Kong," The Journal of Real Estate Finance and Economics, Springer, vol. 10(1), pages 37-48, January.
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