Valuation Fuzzy Soft Sets: A Flexible Fuzzy Soft Set Based Decision Making Procedure for the Valuation of Assets

Abstract

Zadeh's fuzzy set theory for imprecise or vague data has been followed by other successful models, inclusive of Molodtsov's soft set theory and hybrid models like fuzzy soft sets. Their success has been backed up by applications to many branches like engineering, medicine, or finance. In continuation of this effort, the purpose of this paper is to put forward a versatile methodology for the valuation of goods, particularly the assessment of real state properties. In order to reach this target, we develop the concept of (partial) valuation fuzzy soft set and introduce the novel problem of data filling in partial valuation fuzzy soft sets. The use of fuzzy soft sets allows us to quantify the qualitative attributes involved in an assessment context. As a result, we illustrate the effectiveness and validity of our valuation methodology with a real case study that uses data from the Spanish real estate market. The main contribution of this paper is the implementation of a novel methodology, which allows us to assess a large variety of assets where data are heterogeneous. Our technique permits to avoid the appraiser's subjectivity (exhibited by practitioners in housing valuation) and the well-known disadvantages of some alternative methods (such as linear multiple regression).

Multi-Attribute Decision-Making Based on m-Polar Fuzzy Hamacher Aggregation Operators

“…In future research, we will extend the driving ideas of our models to an m-polar fuzzy soft set environment. Their study will prepare us to consider intertemporal settings like in Alcantud et al [45].…”

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

“…The fuzzy set theory can solve for the proximity between different property samples to be assessed. It is used to effectively rectify the weight of data, even if the degree of proximity is low [58,[64][65][66][67][68][69][70].…”

Application of Average fs-Aggregate Algorithm for Multi-criteria Decision Making in Real Life Problem

“…Krishna Gogoi et al [24] worked on fuzzy soft set and Bhardwaj et al [25] used Reduct soft set for real life decision making problems. Alcantud et al [26] presented a concept of Partial Valuation Fuzzy Soft Set (PVFSS) and introduced the application of data filling in PVFSS. Irkin [27] generated the sensory score and presented a fuzzy soft set modeling in his study to find the maximum score.…”