The Theory of Fuzzy Logic and its Application to Real Estate Valuation

Carlo Bagnoli () and Halbert C. Smith ()
Additional contact information
Carlo Bagnoli: Dipartimento di Economia e Direzione Aziendale, Ca'Bembo University of Venice 30123 Venice, Italy, http://www.unive.it/
Halbert C. Smith: Department of Finance and Real Estate University of Florida Gainesville, Florida 32611-7168, http://www.cba.ufl.edu/

Journal of Real Estate Research, 1998, vol. 16, issue 2, 169-200

Abstract: Fuzzy logic is based on the central idea that in fuzzy sets each element in the set can assume a value from 0 to 1, not just 0 or 1, as in classic set theory. Thus, qualitative characteristics and numerically scaled measures can exhibit gradations in the extent to which they belong to the relevant sets for evaluation. This degree of membership of each element is a measure of the element’s "belonging" to the set, and thus of the precision with which it explains the phenomenon being evaluated. Fuzzy sets can be combined to produce meaningful conclusions, and inferences can be made, given a specified fuzzy input function. The article demonstrates the application of fuzzy logic to an income-producing property, with a resulting fuzzy set output.

JEL-codes: L85 (search for similar items in EconPapers)
Date: 1998
References: View complete reference list from CitEc
Citations: View citations in EconPapers (23)

Downloads: (external link)
http://pages.jh.edu/jrer/papers/pdf/past/vol16n02/v16p169.pdf Full text (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:jre:issued:v:16:n:2:1998:p:169-200

Ordering information: This journal article can be ordered from
Diane Quarles American Real Estate Society Manager of Member Services Clemson University Box 341323 Clemson, SC 29634-1323
http://pages.jh.edu/jrer/about/get.htm

Access Statistics for this article

Journal of Real Estate Research is currently edited by Dr. Ko Wang

More articles in Journal of Real Estate Research from American Real Estate Society American Real Estate Society Clemson University School of Business & Behavioral Science Department of Finance 401 Sirrine Hall Clemson, SC 29634-1323.
Bibliographic data for series maintained by JRER Graduate Assistant/Webmaster ().