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Streamlining of the Process of Decision-Making in Real Estate Management with Incomplete Information

Streamlining of the Process of Decision-Making in Real Estate Management with Incomplete Information Abstract This paper presents a streamlined sub-system of decision-making in a real estate market with incomplete data. As we currently observe, various entities collect data and use databases, which entails a problem with their quality and completeness. This results from the specifics of the real estate market, particularly from the nature of the available information, access to it and integral uncertainty. In the first part of this paper, we will present substantive guidelines for the development of a procedure for supplementing missing information. Afterwards, in order to verify the feasibility and effectiveness of the procedure, an implementation simulation will be conducted on the selected example. We would like to emphasize that all decisions are made under the conditions of an information gap. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Real Estate Management and Valuation de Gruyter

Streamlining of the Process of Decision-Making in Real Estate Management with Incomplete Information

Streamlining of the Process of Decision-Making in Real Estate Management with Incomplete Information


This paper presents a streamlined sub-system of decision-making in a real estate market with incomplete data. As we currently observe, various entities collect data and use databases, which entails a problem with their quality and completeness. This results from the specifics of the real estate market, particularly from the nature of the available information, access to it and integral uncertainty. In the first part of this paper, we will present substantive guidelines for the development of a procedure for supplementing missing information. Afterwards, in order to verify the feasibility and effectiveness of the procedure, an implementation simulation will be conducted on the selected example. We would like to emphasize that all decisions are made under the conditions of an information gap. Key words: decision-making, real estate market, rough set theory. JEL Classification: R30, C18, C44. Citation: Renigier-Bilozor M., Bilozor A., Napiórkowska-Baryla A., 2016, Streamlining of the Process of Decision-Making in Real Estate Management with Incomplete Information, , Vol. 24, No. 1, pp. 64-75. DOI: 10.1515/remav-2016-0006 1. Introduction In view of the growing significance of real estate and real estate markets in the social, economic and business sphere, access to reliable, explicit and complete information is very important and often constitutes a precondition for achieving a set goal. What makes the problem more difficult to solve is that there are still no unified systems of information about real estate, while the collection and processing of own databases is becoming a universal phenomenon, both among individual and institutional market players. There are usually information gaps in databases, which causes problems connected with grouping and choosing similar properties, the selection of representative objects, vol. 24, no. 1, 2016 valuation of real estate, etc. These gaps results from many reasons, including: human error, difficult access to data, and...
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Publisher
de Gruyter
Copyright
Copyright © 2016 by the
ISSN
2300-5289
eISSN
2300-5289
DOI
10.1515/remav-2016-0006
Publisher site
See Article on Publisher Site

Abstract

Abstract This paper presents a streamlined sub-system of decision-making in a real estate market with incomplete data. As we currently observe, various entities collect data and use databases, which entails a problem with their quality and completeness. This results from the specifics of the real estate market, particularly from the nature of the available information, access to it and integral uncertainty. In the first part of this paper, we will present substantive guidelines for the development of a procedure for supplementing missing information. Afterwards, in order to verify the feasibility and effectiveness of the procedure, an implementation simulation will be conducted on the selected example. We would like to emphasize that all decisions are made under the conditions of an information gap.

Journal

Real Estate Management and Valuationde Gruyter

Published: Mar 1, 2016

References