Expert systems and mass appraisal

Expert systems and mass appraisal Purpose – The purpose of this paper is to examine the usefulness of a heuristic expert system, to show its applicability to real‐world valuation problems, and to suggest several avenues for statistical testing. Design/methodology/approach – The expert systems follow a traditional sales adjustment grid format, with sufficient data for non‐parametric testing. Findings – The paper finds that, while non‐parametric statistics provide weaker results than traditional (e.g. hedonic regression) modeling, the technique provides a statistically testable model useful in situations with limited data and/or poorly characterized probability functions. Practical implications – This paper addresses the conundrum faced by real estate valuers on the lack of statistical underpinnings of traditional heuristic models. Originality/value – This is one of the first empirical studies in the valuation literature exploring statistical characterization of heuristic valuation methods. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Property Investment & Finance Emerald Publishing

Expert systems and mass appraisal

Journal of Property Investment & Finance, Volume 29 (4/5): 22 – Jul 12, 2011

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Publisher
Emerald Publishing
Copyright
Copyright © 2011 Emerald Group Publishing Limited. All rights reserved.
ISSN
1463-578X
DOI
10.1108/14635781111150385
Publisher site
See Article on Publisher Site

Abstract

Purpose – The purpose of this paper is to examine the usefulness of a heuristic expert system, to show its applicability to real‐world valuation problems, and to suggest several avenues for statistical testing. Design/methodology/approach – The expert systems follow a traditional sales adjustment grid format, with sufficient data for non‐parametric testing. Findings – The paper finds that, while non‐parametric statistics provide weaker results than traditional (e.g. hedonic regression) modeling, the technique provides a statistically testable model useful in situations with limited data and/or poorly characterized probability functions. Practical implications – This paper addresses the conundrum faced by real estate valuers on the lack of statistical underpinnings of traditional heuristic models. Originality/value – This is one of the first empirical studies in the valuation literature exploring statistical characterization of heuristic valuation methods.

Journal

Journal of Property Investment & FinanceEmerald Publishing

Published: Jul 12, 2011

Keywords: Expert system; Property values; Sales adjustment grid; Non‐parametric statistics; Property; Fair value; Sales management; United States of America

References

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