Regression‐fuzzy approach to land valuation

Regression‐fuzzy approach to land valuation

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Article ID: iaor20117887
Volume: 19
Issue: 3
Start Page Number: 253
End Page Number: 265
Publication Date: Sep 2011
Journal: Central European Journal of Operations Research
Authors: , ,
Keywords: statistics: regression, fuzzy sets, location
Abstract:

In this paper, we demonstrate that the fuzzy pricing model can improve regression analysis in applications where non‐smoothness appears. Combining the fuzzy and regression approaches it is capable of modelling complex non‐linearities. The application of this approach describes an effort to design a regression‐fuzzy system to estimate real estate market values, especially for vacant urban plots. The results are compared with those obtained using a traditional multiple regression model only. The changes of parameters in the domain of independent variables of the regression function are determined by the analysis of membership functions defining the terms of the fuzzy model. The paper also describes possible future research. The suggested method is interesting for real estate appraisers, real estate companies, and bureaus because it provides a better overview of location prices. The suggested approach could be also used in various other economic and business analyses.

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