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Ranking residential properties by a multicriteria single price model

Author

Listed:
  • R Cervelló

    (Universidad Politécnica de Valencia)

  • F García

    (Universidad Politécnica de Valencia)

  • F Guijarro

    (Universidad Politécnica de Valencia)

Abstract

This study describes an application of the multicriteria single price model (Ballestero) to the ranking of alternatives. By a generalization of the original model, the equilibrium set of alternatives can be characterized from the viewpoints, respectively, of the demander and the supplier, and from that the efficiency index can be calculated. We demonstrate how, in a state of equilibrium, the two viewpoints result inevitably in inverse orders of ranking. In contrast with other proposals for full ranking of alternatives, the method used in the present study (i) assumes a moderate attitude on the part of the decision maker towards risk, with a robust axiomatic basis; (ii) assigns weights to the criteria independently of which alternative is being evaluated and the attitude (optimistic or pessimistic) of the decision maker; (iii) produces a cardinal hierarchy of the alternatives and not just an ordinal one. The model is illustrated by a sample of residential properties in the city of Valencia, Spain.

Suggested Citation

  • R Cervelló & F García & F Guijarro, 2011. "Ranking residential properties by a multicriteria single price model," Journal of the Operational Research Society, Palgrave Macmillan;The OR Society, vol. 62(11), pages 1941-1950, November.
    • Handle: RePEc:pal:jorsoc:v:62:y:2011:i:11:d:10.1057_jors.2010.170
    DOI: 10.1057/jors.2010.170
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    References listed on IDEAS

    as
    1. Ballestero, Enrique, 1999. "Measuring efficiency by a single price system," European Journal of Operational Research, Elsevier, vol. 115(3), pages 616-623, June.
    2. P. L. Yu, 1973. "A Class of Solutions for Group Decision Problems," Management Science, INFORMS, vol. 19(8), pages 936-946, April.
    3. J Aznar & J Ferrís-Oñate & F Guijarro, 2010. "An ANP framework for property pricing combining quantitative and qualitative attributes," Journal of the Operational Research Society, Palgrave Macmillan;The OR Society, vol. 61(5), pages 740-755, May.
    4. Rosen, Sherwin, 1974. "Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition," Journal of Political Economy, University of Chicago Press, vol. 82(1), pages 34-55, Jan.-Feb..
    5. Enrique Ballestero, 2004. "Selecting Textile Products By Manufacturing Companies Under Uncertainty," Asia-Pacific Journal of Operational Research (APJOR), World Scientific Publishing Co. Pte. Ltd., vol. 21(02), pages 141-161.
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