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

Author

Listed:
  • 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)

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.

Suggested Citation

  • Renigier-Biłozor Małgorzata & Biłozor Andrzej & Napiórkowska-Baryła Agnieszka, 2016. "Streamlining of the Process of Decision-Making in Real Estate Management with Incomplete Information," Real Estate Management and Valuation, Sciendo, vol. 24(1), pages 64-75, March.
    • Handle: RePEc:vrs:remava:v:24:y:2016:i:1:p:64-75:n:6
    DOI: 10.1515/remav-2016-0006
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    More about this item

    Keywords

    decision-making; real estate market; rough set theory;
    All these keywords.

    JEL classification:

    • R30 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - General
    • C18 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Methodolical Issues: General
    • C44 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Operations Research; Statistical Decision Theory

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