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

Renigier-Biłozor Małgorzata (), Biłozor Andrzej () and Napiórkowska-Baryła Agnieszka ()
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Renigier-Biłozor Małgorzata: Faculty of Geodesy, Geospatial and Civil Engineering, University of Warmia and Mazury in Olsztyn
Biłozor Andrzej: Faculty of Geodesy, Geospatial and Civil Engineering, University of Warmia and Mazury in Olsztyn
Napiórkowska-Baryła Agnieszka: Faculty of Econonomics, University of Warmia and Mazury in Olsztyn

Real Estate Management and Valuation, 2016, vol. 24, issue 1, 64-75

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.

Keywords: decision-making; real estate market; rough set theory (search for similar items in EconPapers)
JEL-codes: C18 C44 R30 (search for similar items in EconPapers)
Date: 2016
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Persistent link: https://EconPapers.repec.org/RePEc:vrs:remava:v:24:y:2016:i:1:p:64-75:n:6

DOI: 10.1515/remav-2016-0006

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