Nikolai Siniak 1, Maurizio d’Amato 2.
AN APPLICATION OF FUZZY NUMBERS FOR PROPERTY INVESTMENT AND VALUATION.
International Journal of Strategic Property Management, (2003), Vol. 7, No. 3, p. 129-143.
1Department of Economy and Management of Enterprises, Belarusian State Technological University, Minsk, Republic of Belarus
21st School of Engineering, The University Polytechnic of Bari, Italy.
Abstract.The real estate market can be considered imperfect and influenced by several factors like the micro and macroeconomic variables, market cycles and property and asset market integration. This is particularly true in those markets where information are few and unreliable because of the legal and economic system.
Fuzzy numbers have been applied in several contributions to property valuation. The article is focused on the application of fuzzy numbers in real estate investments and valuation in an uncertain context. In this article will be introduced the concept of the most possible selling price for property valuation comparing the “possibility theory” to “probability” one.
In real estate investment valuation fuzzy numbers deal with interval better than crisp number.
Keywords: Property Valuation, Real Estate Investment, Fuzzy numbers, Probability and Possibility Theory
AN APPLICATION OF FUZZY NUMBERS FOR PROPERTY INVESTMENT AND VALUATION.
International Journal of Strategic Property Management, (2003), Vol. 7, No. 3, p. 129-143.
1Department of Economy and Management of Enterprises, Belarusian State Technological University, Minsk, Republic of Belarus
21st School of Engineering, The University Polytechnic of Bari, Italy.
Abstract.The real estate market can be considered imperfect and influenced by several factors like the micro and macroeconomic variables, market cycles and property and asset market integration. This is particularly true in those markets where information are few and unreliable because of the legal and economic system.
Fuzzy numbers have been applied in several contributions to property valuation. The article is focused on the application of fuzzy numbers in real estate investments and valuation in an uncertain context. In this article will be introduced the concept of the most possible selling price for property valuation comparing the “possibility theory” to “probability” one.
In real estate investment valuation fuzzy numbers deal with interval better than crisp number.
Keywords: Property Valuation, Real Estate Investment, Fuzzy numbers, Probability and Possibility Theory
