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92 M. Renigier-Biłozor, R. Wiśniewskiper, the following factors contribute to the inefficiency and ineffectiveness of real estatemarkets:– significant variations in the quantity of available information, subject to the type ofthe analyzed market (region),– complex methods of data description (differences in the scale of attribute description)– the same attribute can be described in a variety of ways using different evaluationscales,– significant differences between real estates (no two real estates are identical),– various criteria for using real estate (every real estate can be used and managed in avariety of ways),– lack of comprehensive information (due to the lack of homogenous systems for gatheringreal estate data which results in limited and incomplete knowledge about realestate and market prices),– inaccurate and “fuzzy” character of real estate data (caused by stochastic factorswhich reflect random processes that escape the generally acknowledged cause-andeffectmarket relationship),– absence of homogenous functional dependencies between real estate attributes,– decision-making strategies represented by the value, function and method of real estatemanagement.According to the authors, popular analytical methods (mostly statistical) are relativelyineffective in weak-form efficient real estate markets. The preferred methods and proceduresshould account for the following defects in real estate data: absence of data, smallnumber of transactions, significant variations in attribute coding, non-linear correlationsbetween the analyzed data and the type of the underlying market. The applied methodsshould support market analysis at the potential (theoretical) and actual (applied) level.The below solutions (Table 4) that rely on the rough set theory may offer an effectivealternative to popular analytical methods. References to detailed studies are indicated inparentheses.The process of managing real estate resources is problematic due to the specificityof real estate information. Owing to the complexity and diversity of data sets, the decision-makingprocess in managing the resources of the largest property owners in Poland,such as municipalities or Polish State Railway companies, is wrought with problems.The greater the responsibility, the more difficult this process which affects not only theowner’s financial performance but also the spatial, economic and social development ofurban areas. The authors have concluded that the application of the rough set theory inreal estate market analyses may deliver positive results (compare with Table 4). As demonstratedby Table 4, the use of the rough set theory for developing decision trees couldenhance the effectiveness of the decision-making process in real estate management.The rough set theory can also be applied in real estate appraisal on markets characterizedby quantitative and qualitative defects. As demonstrated by the results of studiesreferenced in Table 4, market analyses can produce reliable results even when the numberof transactions is small and when different attribute registration methods are applied. Theprocedure proposed by the authors does not require the development of complex models,preliminary analyses or the adjustment of the available data sets. In the approach basedon the rough set theory, decisions are made based on “raw data” in line with the principlesActa Sci. Pol.
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
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The distribution of social security
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The distribution of social security
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Oeconomia 10 (1) 2011, 35-43EDUCATI
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Education as an element of competit
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Education as an element of competit
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Ewa SzymańskaTourism function of M
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