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An Adaptive Neuro-Fuzzy Inference System Based Approach to Real Estate Property Assessment

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Author Info

  • Jian Guan

    ()
    (University of Louisville)

  • Jozef Zurada

    (University of Louisville)

  • Alan S. Levitan

    (University of Louisville)

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    Abstract

    This paper describes a first effort to design and implement an adaptive neuro-fuzzy inference system based approach to estimate prices for residential properties. The data set consists of historic sales of homes in a market in Midwest USA and it contains parameters describing typical residential property features and the actual sale price. The study explores the use of fuzzy inference systems to assess real estate property values and the use of neural networks in creating and fine tuning the fuzzy rules used in the fuzzy inference system. The results are compared with those obtained using a traditional multiple regression model. The paper also describes possible future research in this area.

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    File URL: http://aux.zicklin.baruch.cuny.edu/jrer/papers/pdf/past/vol30n04/01.395_422.pdf
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    Bibliographic Info

    Article provided by American Real Estate Society in its journal journal of Real Estate Research.

    Volume (Year): 30 (2008)
    Issue (Month): 4 ()
    Pages: 395-422

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    Handle: RePEc:jre:issued:v:30:n:4:2008:p:395-422

    Contact details of provider:
    Postal: American Real Estate Society Clemson University School of Business & Behavioral Science Department of Finance 401 Sirrine Hall Clemson, SC 29634-1323
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    Web page: http://www.aresnet.org/

    Order Information:
    Postal: Diane Quarles American Real Estate Society Manager of Member Services Clemson University Box 341323 Clemson, SC 29634-1323
    Email:
    Web: http://aux.zicklin.baruch.cuny.edu/jrer/about/get.htm

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