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The Effectiveness of Real Estate Market Versus Efficiency of Its Participants

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  • Renigier-Biłozor Małgorzata
  • Wiśniewski Radosław

    (Department of Land Managment and Regional Development, University of Warmia and Mazury, Prawocheńskiego 15, 10-724 Olsztyn, Poland)

Abstract

Real estate markets (REMs) may be classified as strong-form efficient, semi-strong-form efficient or weak-form efficient. Efficiency measures the level of development or goal attainment in a complex social and economic system, such as the real estate market. The efficiency of the real estate market is the individual participant's ability to achieve the set goals. The number of goals is equivalent to the number of participants. Every market participant has a set of specific efficiency benchmarks which can be identified and described. In line with the theory of rational expectations, every participant should make decisions in a rational manner by relying on all available information to make the optimal forecast. The effectiveness of the real estate market is a function of the efficiency of individual market participants.This paper attempts to prove the following hypothesis: the effectiveness of a real estate market may be identified by analysing the effectiveness of its participants. The authors also discuss methods based on the rough set theory which can influence the efficiency and efficacy of market participants, and consequently, the effectiveness of the real estate market and its participants.

Suggested Citation

  • Renigier-Biłozor Małgorzata & Wiśniewski Radosław, 2012. "The Effectiveness of Real Estate Market Versus Efficiency of Its Participants," European Spatial Research and Policy, Sciendo, vol. 19(1), pages 95-110, July.
    • Handle: RePEc:vrs:eusprp:v:19:y:2012:i:1:p:95-110:n:8
    DOI: 10.2478/v10105-012-0008-5
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    Keywords

    subject efficiency; rough sets;

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