Fair Evaluation of real Estate Value in Urban Area via Fuzzy Theory

Lee, Young-Lung; Jung, Chang; Kuang, Yih Yeh

doi:10.15396/eres2003_198

Proceedings of the 10th European Real Estate Society Conference - Helsinki, Finland 2003

DOI: 10.15396/eres2003_198

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Fair Evaluation of real Estate Value in Urban Area via Fuzzy Theory

Young-Lung Lee¹,

Chang Jung²,

Yih Yeh Kuang³

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2010

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Applying a CART-based Approach for the Diagnostics of Mass Appraisal Models

Antipov

Pokryshevskaya

2010

SSRN Journal

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In this paper an approach for automatic detection of segments where a regression model significantly underperforms and for detecting segments with systematically under-or overestimated prediction is introduced. This segmentational approach is applicable to various expert systems including, but not limited to, those used for the mass appraisal. The proposed approach may be useful for various regression analysis applications, especially those with strong heteroscedasticity. It helps to reveal segments for which separate models or appraiser assistance are desirable. The segmentational approach has been applied to a mass appraisal model based on the Random Forest algorithm.

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Applying a CART-based Approach for the Diagnostics of Mass Appraisal Models

Antipov

Pokryshevskaya

2010

SSRN Journal

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Mass Appraisal of Residential Apartments: An Application of Random Forest for Valuation and a CART-Based Approach for Model Diagnostics

Antipov

Pokryshevskaya

2010

SSRN Journal

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To the best knowledge of authors, the use of Random forest as a potential technique for residential estate mass appraisal has been attempted for the first time. In the empirical study using data on residential apartments the method performed better than such techniques as CHAID, CART, KNN, multiple regression analysis, Artificial Neural Networks (MLP and RBF) and Boosted Trees. An approach for automatic detection of segments where a model significantly underperforms and for detecting segments with systematically under-or overestimated prediction is introduced. This segmentational approach is applicable to various expert systems including, but not limited to, those used for the mass appraisal.

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Fair Evaluation of real Estate Value in Urban Area via Fuzzy Theory

Cited by 2 publications

References 0 publications

Applying a CART-based Approach for the Diagnostics of Mass Appraisal Models

Applying a CART-based Approach for the Diagnostics of Mass Appraisal Models

Mass Appraisal of Residential Apartments: An Application of Random Forest for Valuation and a CART-Based Approach for Model Diagnostics

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