Using Multiple Criteria Decision Analysis (Mcda) to Assist in Estimating Residential Housing Values

Ferreira, Fernando; Spahr, Ronald W.; Sunderman, Mark A.

doi:10.3846/1648715x.2015.1122668

Cited by 35 publications

(19 citation statements)

References 55 publications

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“…In practice, the results obtained here mean that when an investor intends to acquire a residential property, s/he is primarily focused on the housing characteristics (40.70), location (31.50), characteristics of the "common spaces" (16.90), social and economic factors (10.90), factors of comfort and security (4.40), stigmas (3.40) and construction/structure of the building (1.80). Our findings using the FCM approach are consistent with the results of Cebula (2009) with regard to the importance of housing characteristics, in so far as this was the criterion identified by the experts displaying the highest level of centrality (this is also in accordance with the findings of Leichenko et al 2001;Coulson, Lahr 2005;Laurice, Bhattacharya 2005;Sirmans et al 2005;Ferreira et al 2013b, who highlight the importance of (internal physical) housing characteristics in the assessment of housing value or investment). The FCM approach further identified a large number of other concepts or criteria, however; of which our focus was on the ones with the highest levels of centrality (see Table 1), and which are not, in our opinion, without consequence.…”

Section: ] What We Can Get Is An Idea Of the Ranking Of The Variablesupporting

confidence: 80%

A Fuzzy Knowledge-Based Framework for Risk Assessment of Residential Real Estate Investments

Ribeiro¹,

Ferreira

Jalali

et al. 2017

Technological and Economic Development of Economy

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Abstract. Risk analysis of residential real estate investments requires careful analysis of certain variables (or determinants). Because real estate is a key sector for economic and social development, this risk analysis is seen as critical in supporting decision processes relating to buying or selling residential properties, partly due to the pressures caused by the current economic environment. This study aims to develop a conceptual reference model for risk assessment of residential real estate using fuzzy cognitive mapping. This fuzzy model allows cause-and-effect relationships between determinants to be identified and better understood, which in turn allows for better informed investment decisions. The results show that the use of cognitive maps reduces the number of omitted criteria and favors learning with regard to how the criteria relate to each other, holding great potential and versatility in structuring complex decision problems. Practical implications, strengths and weaknesses of our proposal are discussed.

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Section: ] What We Can Get Is An Idea Of the Ranking Of The Variablesupporting

confidence: 80%

A Fuzzy Knowledge-Based Framework for Risk Assessment of Residential Real Estate Investments

Ribeiro¹,

Ferreira

Jalali

et al. 2017

Technological and Economic Development of Economy

Self Cite

View full text Add to dashboard Cite

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“…However, the literature reports that, given the large volume of information discussed and analyzed by the panel members, this can counteract, to some extent, the limitations of purely qualitative analyses (cf. Belton and Stewart, 2002;Ferreira, Spahr and Sunderman, 2016). The next step was to construct a tree of FPsV (i.e.…”

Section: Structuring Phasementioning

confidence: 99%

A multiple criteria group decision-making approach for the assessment of small and medium-sized enterprise competitiveness

Gonçalves

Ferreira

et al. 2019

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Purpose Small- and medium-sized enterprises (SMEs) have become increasingly important in national and international markets because they contribute to the development of local and national economies. SMEs often face serious challenges when competing with multinational companies. The purpose of this paper is to develop a method for assessing SMEs’ competitiveness. Design/methodology/approach Based on a constructivist epistemology, this study makes an integrated use of cognitive mapping and the measuring attractiveness by a categorical-based evaluation technique (MACBETH). To this end, face-to-face sessions were conducted with a panel of entrepreneurs and senior managers who deal with the challenges of maintaining SME competitiveness every day. The proposed assessment system was tested and validated by the panel members. Findings The methodological processes adopted in this study provide promising results for decision makers seeking to identify the most competitive SMEs. Specifically, the results emphasize, among other points, the importance of innovation and the human dimension to gaining competitive advantages. Research limitations/implications The evaluation system developed in this study is extremely versatile and confirms the usefulness of integrating cognitive mapping and MACBETH to facilitate evaluations of SME competitiveness. However, due to its idiosyncratic and process-oriented nature, generalizations need to be done with caution. Practical implications The proposed method can be valuable to researchers seeking to develop mechanisms for evaluating SMEs’ entrepreneurial performance and include specialized know-how and sensemaking in organizational decision-making processes. Originality/value The integrated use of cognitive maps and MACBETH contributes to a better understanding of how to assess SMEs’ competitiveness. No prior work reporting the use of this dual methodology in this study context has been found.

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“…It will be more useful with limited data or poorly characterized probability functions. Researchers make useful attempts and practical applications to the relevant problem of an expert system [30,31] and decision support system [32][33][34][35].…”

Section: Expert System and Decision Support Systemmentioning

confidence: 99%

Mass Appraisal Models of Real Estate in the 21st Century: A Systematic Literature Review

Wang

2019

Sustainability

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With the increasing volume and active transaction of real estate properties, mass appraisal has been widely adopted in many countries for different purposes, including assessment of property tax. In this paper, 104 papers are selected for the systematic literature review of mass appraisal models and methods from 2000 to 2018. The review focuses on the application trend and classification of mass appraisal and highlights a 3I-trend, namely AI-Based model, GIS-Based model and MIX-Based model. The characteristics of different mass appraisal models are analyzed and compared. Finally, the future trend of mass appraisal based on model perspective is defined as “mass appraisal 2.0”: mass appraisal is the appraisal procedure of model establishment, analysis and test of group of properties as of a given date, combined with artificial intelligence, geo-information systems, and mixed methods, to better model the real estate value of non-spatial and spatial data.

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Using Multiple Criteria Decision Analysis (Mcda) to Assist in Estimating Residential Housing Values

Cited by 35 publications

References 55 publications

A Fuzzy Knowledge-Based Framework for Risk Assessment of Residential Real Estate Investments

A Fuzzy Knowledge-Based Framework for Risk Assessment of Residential Real Estate Investments

A multiple criteria group decision-making approach for the assessment of small and medium-sized enterprise competitiveness

Mass Appraisal Models of Real Estate in the 21st Century: A Systematic Literature Review

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