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Housing Ranking: a model of equilibrium between buyers and sellers expectations

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  • Roberto Cervelló Royo

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  • Fernando García García
  • Francisco Guijarro-Martínez
  • Ismael Moya-Clemente
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    Abstract

    The equilibrium set of housing units (alternatives) can be characterized from the standpoint of both the demander and the supplier. The current work describes an application of the multicriteria single price model to the ranking of alternatives. By a generalization of the single price model and from both viewpoints an efficiency index can be calculated. We demonstrate how, in equilibrium, the two viewpoints result inevitably in inverse orders of ranking. The model is illustrated by a sample of housing units in the city of Valencia, Spain.

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    Bibliographic Info

    Paper provided by European Regional Science Association in its series ERSA conference papers with number ersa11p314.

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    Date of creation: Sep 2011
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    Handle: RePEc:wiw:wiwrsa:ersa11p314

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    1. Seiford, Lawrence M. & Zhu, Joe, 2002. "Modeling undesirable factors in efficiency evaluation," European Journal of Operational Research, Elsevier, vol. 142(1), pages 16-20, October.
    2. Bertrand Mareschal & Jean Pierre Brans & Philippe Vincke, 1986. "How to select and how to rank projects: the Prométhée method," ULB Institutional Repository 2013/9307, ULB -- Universite Libre de Bruxelles.
    3. 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..
    4. Per Andersen & Niels Christian Petersen, 1993. "A Procedure for Ranking Efficient Units in Data Envelopment Analysis," Management Science, INFORMS, vol. 39(10), pages 1261-1264, October.
    5. Charnes, A. & Cooper, W. W. & Rhodes, E., 1978. "Measuring the efficiency of decision making units," European Journal of Operational Research, Elsevier, vol. 2(6), pages 429-444, November.
    6. P. L. Yu, 1973. "A Class of Solutions for Group Decision Problems," Management Science, INFORMS, vol. 19(8), pages 936-946, April.
    7. Adler, Nicole & Friedman, Lea & Sinuany-Stern, Zilla, 2002. "Review of ranking methods in the data envelopment analysis context," European Journal of Operational Research, Elsevier, vol. 140(2), pages 249-265, July.
    8. Ballestero, Enrique, 1999. "Measuring efficiency by a single price system," European Journal of Operational Research, Elsevier, vol. 115(3), pages 616-623, June.
    9. Ertay, Tijen & Ruan, Da, 2005. "Data envelopment analysis based decision model for optimal operator allocation in CMS," European Journal of Operational Research, Elsevier, vol. 164(3), pages 800-810, August.
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