ACTA SCIENTIARUM POLONORUM - SGGW
ACTA SCIENTIARUM POLONORUM - SGGW
ACTA SCIENTIARUM POLONORUM - SGGW
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The effi ciency of selected real estate markets in Poland 93Table 4. The use of the rough set theory (RST) for improving real estate market efficiencyTabela 4. Zastosowanie teorii zbiorów przybliżonych (TZP) do poprawienia sprawności rynkunieruchomościRST-based methods for analyzing the real estate marketGeneral problem Detailed problem SolutionSelection of methods formanaging and using buildings andapartments [Renigier 2006]Analysis of the real estate marketusing various methods forregistering real estate attributeswithout data loss [Renigier 2008]Option of analyzing data setswithout the risk of data loss whenquantitative attributes are replacedwith qualitative attributesReal estate appraisal on marketscharacterized by limited resourceavailability [Renigier 2008]Selection of functions assignedto land on ineffective real estatemarkets [Renigier-Biłozor, Biłozor2009]Real estate appraisal involvinglimited data sets [Renigier 2008]Determining the significanceof real estate attributes withoutthe use of statistical methods[Renigier-Biłozor, Biłozor 2009a,2009b]Determining weighing factorsfor real estate prices [Renigier-Biłozor, Biłozor 2009c]Real estate appraisal basedon expert data sets, with highconfidence in resultsReliable verification of thesignificance of attributes adoptedbased on a limited data setDetermining the significanceof attributes without the use ofstatistical testsReal estate appraisal based onlimited market data [Renigier-Biłozor 2010]Supplementing the missing realestate attributes [Renigier-Biłozor2010]Determining the value of themissing real estate attributes basedon the analyzed data setSource:Źródło:Own research.Opracowanie własne.of Boolean logic, i.e. a given decision (real estate value) is made if given conditions (realestate attributes) are fulfilled.The diversity and imprecision of real estate attributes, the extensiveness and complexityof the scope of data and relatively high variability over time make decision-makingin real estate management a difficult process that is burdened with considerable risk. Theuse of the rough set theory and the valued tolerance relation in the decision-making processproduces satisfactory results. Problems that cannot be tackled by statistical analysesalone may be solved with the involvement of the proposed method whose outcomes areeasy to implement and interpret.The application of the rough set theory also supports the identification of the keyattributes and core characteristics of real estate based on the available data. As demonstratedby the studies referred to in Table 4, the proposed procedure can be applied toinvestigate the effect of real estate attributes on the analyzed decision-making problem.The lack or unavailability of data poses one of the greatest obstacles hindering theexploration of real estate market information. Table 4 cites a quick and simplified procedurefor supplementing the missing information in data sets used for market analyses. Itis based on the principles of the rough set theory aided by the valued tolerance relation.This solution is particularly suitable for markets that are weak-form efficient as regardsinformation availability.Oeconomia 10 (1) 2011