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OPTIMIZATION OF THE VARIABLES SELECTION IN THE PROCESS OF REAL ESTATE MARKETS RATING

Malgorzata Renigier-Bilozor () and Andrzej Bilozor ()
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Malgorzata Renigier-Bilozor: University of Warmia and Mazury in Olsztyn
Andrzej Bilozor: University of Warmia and Mazury in Olsztyn

Oeconomia Copernicana, 2015, vol. 6, issue 4, pages 139-157

Abstract: The growing significance of the real estate market prompts investors to search for factors and variables which support cohesive analyses of real estate markets, market comparisons based on diverse criteria and determination of market potential. The specificity of the real estate market is determined by the unique attributes of property. The Authors assume that developing real estate market ratings identifies the types of information and factors which affect decision-making on real estate markets. The main objective of real estate market ratings is to create a universal and standardized classification system for evaluating the real estate market. One of the most important problems in this area is collecting appropriate features of real estate market and development dataset. The main problem involves the selection and application of appropriate features, which would be relevant to the specificity of information related to the real estate market and create a kind of coherent system aiding the decision-making process. The main aim of this study is the optimization of set of variables that were used to develop the real estate market ratings. For this purpose, Hellwig’s method of integral capacity of information was applied. In this particular case, the method shows what set of variables provides information most sufficiently. The results lead to obtaining the necessary set of features that constitute essential information which describes the situation on the local real estate market.

Keywords: real estate market rating; optimization of the variables selection; Hellwig’s method (search for similar items in EconPapers)
JEL-codes: B16 (search for similar items in EconPapers)
Date: 2015
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