Expert systems and mass appraisal

John Kilpatrick

Journal of Property Investment & Finance, 2011, vol. 29, issue 4/5, 529-550

Abstract: Purpose - The purpose of this paper is to examine the usefulness of a heuristic expert system, to show its applicability to real‐world valuation problems, and to suggest several avenues for statistical testing. Design/methodology/approach - The expert systems follow a traditional sales adjustment grid format, with sufficient data for non‐parametric testing. Findings - The paper finds that, while non‐parametric statistics provide weaker results than traditional (e.g. hedonic regression) modeling, the technique provides a statistically testable model useful in situations with limited data and/or poorly characterized probability functions. Practical implications - This paper addresses the conundrum faced by real estate valuers on the lack of statistical underpinnings of traditional heuristic models. Originality/value - This is one of the first empirical studies in the valuation literature exploring statistical characterization of heuristic valuation methods.

Keywords: Expert system; Property values; Sales adjustment grid; Non‐parametric statistics; Property; Fair value; Sales management; United States of America (search for similar items in EconPapers)
Date: 2011
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Citations: View citations in EconPapers (7)

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Persistent link: https://EconPapers.repec.org/RePEc:eme:jpifpp:v:29:y:2011:i:4/5:p:529-550

DOI: 10.1108/14635781111150385

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