Real Estate Appraisal: A Double Perspective Data Envelopment Analysis Approach
Purchase on Springer.com
$39.95 / €34.95 / £29.95*
Rent the article at a discountRent now
* Final gross prices may vary according to local VAT.
This paper proposes a new methodology for the assessment of the value range for real estate units. The theoretical basis of the methodology is built on the Data Envelopment Analysis—DEA approach, which has its original concept adapted to the case where the units under assessment consist of transactions among sellers and buyers. The proposed approach—christened Double Perspective-Data Envelopment Analysis (DP-DEA)—is applied to a database comprising the prices and features of the units under assessment. It is shown that the DP-DEA presents some specific advantages when compared to the usual regression analysis method employed in real estate value assessment.
- Akerson, C.B. (2000). Capitalization Theory & Techniques Study Guide, 2nd edn. MAI Publisher: Appraisal Institute.
- Banker, R.D., A. Charnes, and W.W. Cooper. (1984). “Some Models to Estimate Technical and Scale Inefficiencies in Data Envelopment Analysis.” Management Science 30(9), 1078–1092. CrossRef
- Banker, R.D. and W.W. Cooper. (1994). “Validation and Generalization of DEA and its Use.” Top 2(2), 249–314.
- Charnes, A., W.W. Cooper, and Rhodes. (1978). “Measuring the Efficiency of Decision-Making Units.” European Journal of Operational Research 2(6), 429–444. CrossRef
- Pipe, J.I.B. (1996). “Geographical Information System and Multi-Criteria Evaluation to Territory Ordering.” RA-MA Editorial, Madrid, pp. 47–100.
- Debreu, G. (1951). “The Coefficient of Resource Utilization.” Econometric 19(3), 273–292.
- Debreu, G. (1959). Theory of Value: An Axiomatic Analysis of Economic Equilibrium. Cowles Foundation Economics of Yale University, NY, pp. 28–79.
- Färe, R. and G. Grosskopf. (1994). “Estimation of Returns to Scale Using Dates Envelopment Analysis the Comment.” European Research Operational Journal 79, 379–382. CrossRef
- Färe, R., G. Grosskopf, and C.A.K. Lovell. (1996). Production Frontiers. Cambridge University Press.
- Färe, R., C.A.K. Lovell, and K. Zieschang. (1983). Measuring the Technical Efficiency of Multiple Output Technologies. In W. Eichhorn, R. Henn, K. Neumann, and R.W.
- Färe, R., S. Grosskopf, and C.A.K. Lovell. (1985). The Measurement of Efficiency of Production. Boston: Kluwer-Nijhoff Publishing.
- Farrell, M.J. (1957). “The Measurement of Productive Efficiency.” Journal of the Royal Statistical Society, Serialize THE, General, Part 3, 253–281.
- Farrell, M.J. (1957), “The Measurement of Productive Efficiency.” Journal of the Royal Statistical Society, Serialize THE, General, Part 3, 253–281.
- Frontier Analyst, v 2.0.0, http://www.banxia.com
- Lewis, O.M. (1999). D.Sc Thesis, “The Use of Artificial Intelligence Techniques to Assist in the valuation of Residential Properties.” University of Glamorgan Prifysgol Morgannwg.
- Lins, M.E. and L.A. Meza. (2000). Data Envelopment Analysis and perspectives of integration in the environment of Support to the Decision, - Coppe /UFRJ, 7-53.
- Novaes, L.F.L. Doctor Thesis, “Double Perspective DEA in Real Estate Value Assessment.” pp. 20–26.
- Mackmim, D. (1994). The Valuation and Sale of Residential Property, 2nd edn., Routeldge.
- Paiva, S.A. (2000). XXXII Brazilian Operational Research Symposium—Urban Development, pp. 9/10
- Samuelson, P.A. (1975). Introduction to the Economic Analysis. to Act Publisher, R. Janeiro, vol. 23, pp. 475-489.
- Shephard, R.W. (1953). Cost and Production Function, New Jersey: Princeton University Press.
- Shephard, R.W. (1970). The Theory of Cost and Production Functions, N. Jersey: Princeton U. Press.
- Tavares, G.J.P. (1998). DEA—Data Envelopment Analysis—Os modelos básicos e as suas extensões principais—Um modelo para a análise de modernização de serviços de telecomunicações dos países da OCDE,” Dissertation, Faculdade de Coimbra, Portugal.
- Real Estate Appraisal: A Double Perspective Data Envelopment Analysis Approach
Annals of Operations Research
Volume 138, Issue 1 , pp 79-96
- Cover Date
- Print ISSN
- Online ISSN
- Kluwer Academic Publishers
- Additional Links
- data envelopment analysis
- double perspective
- production frontier
- real estate
- value assessment
- Industry Sectors
- Author Affiliations
- 1. Production Engineering Program, Federal University of Rio de Janeiro, Rua Belisário Távora 80 ap 506 Laranjeiras, Rio de Janeiro, RJ, Brazil
- 2. CAIXA ECONOMICA FEDERAL, Brazilian Federal Savings Bank, Brazil
- 3. Energy Planning Program, COPPE, Federal University of Rio de Janeiro, Brazil