Application of the Likert and Osgood Scales to Quantify the Qualitative Features of Real Estate Properties

Iwona Foryś () and Gaca Radosław ()
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Gaca Radosław: BBN Domator, Gdańska 5/3a, 85-005 Bydgoszcz, Poland

Folia Oeconomica Stetinensia, 2016, vol. 16, issue 2, 7-16

Abstract: The variables used in statistical research can be measured on different scales. According to Stevens the most common division of measurement scales distinguish four main types: nominal, ordinal, interval and ratio. The chosen scale of measurement implies further the possibility of applying certain statistical methods. For socio-economic research it is frequent that among independent variables appear variables of a qualitative nature. This study presents the idea of the application of the Likert and Osgood scales for the evaluation and quantification of qualitative variables in the real estate valuation process.Taking into account the fact that the property features used in the process of estimating its value are very often measured on weak scales, this research attempted to apply the aforementioned scales to measure the qualitative features of real estate property. Additionally, all the qualitative data can be expressed only on nominal or ordinal scales. This means that they cannot be uncritically treated as metrical variables and their measurement scale implies the possible application of mathematical operations and statistical instruments. On the other hand, by analysing the type and the character of the qualitative features of the property, we can observe a substantial connection of such features with the assessment of their level of intensity expressed as a semantic interval or the acceptance level of a given phenomenon. This paper attempts to show how to apply the scales developed to measure attitudes in order to quantify the qualitative features of real estate property in the valuation process and shows the interval character of the data measured by the Osgood scale through comparison among three correlations specific for the mentioned type of scale.

Keywords: real estate valuation; measuring scales; qualitative variables (search for similar items in EconPapers)
JEL-codes: C50 R30 (search for similar items in EconPapers)
Date: 2016
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Citations: View citations in EconPapers (4)

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Persistent link: https://EconPapers.repec.org/RePEc:vrs:foeste:v:16:y:2016:i:2:p:7-16:n:1

DOI: 10.1515/foli-2016-0021

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