IDEAS home Printed from https://ideas.repec.org/a/taf/jpropr/v21y2004i1p75-97.html
   My bibliography  Save this article

Towards the 4th generation - an essay on innovations in residential property value modelling expertise

Author

Listed:
  • Tom Kauko

Abstract

This essay discusses a variety of possibilities for improving current residential property valuation methodology. At present the inertia is unfavourable for innovative research within this field. It could, however, be argued that sustainability and other goals justify the effort to improve this state of affairs. With the focus on a relatively undeveloped European residential valuation academia in terms of innovations in modelling expertize, the proposition is to accommodate some of the following approaches: strict quantitative methods based on parametric hedonic regression; flexible (i.e. non/semiparametric) quantitative methods, that are still formally accommodated within mainstream economic modelling; flexible quantitative methods based on machine learning; rule-based expert systems of valuation; and methods, that use judgemental data (4th generation). Each of the techniques is evaluated in order to identify problems and subsequently appropriate directions for research are proposed. While having its obvious limitations, a method based on interviewing may serve a purpose in certain well-specified problem settings.

Suggested Citation

  • Tom Kauko, 2004. "Towards the 4th generation - an essay on innovations in residential property value modelling expertise," Journal of Property Research, Taylor & Francis Journals, vol. 21(1), pages 75-97, January.
    • Handle: RePEc:taf:jpropr:v:21:y:2004:i:1:p:75-97
    DOI: 10.1080/0959991042000255631
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10.1080/0959991042000255631
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: https://libkey.io/10.1080/0959991042000255631?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:taf:jpropr:v:21:y:2004:i:1:p:75-97. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Chris Longhurst (email available below). General contact details of provider: http://www.tandfonline.com/RJPR20 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.