A location value response surface model for mass appraising: An “iterative” location adjustment factor in Bari, Italy

Abstract

The work is focused on a new model of mass appraising including location variable. A location adjustment factor derived from a mathematical iteration was compared to the location adjustment factor based on geostatistical techniques. The work compares three different linear MRA models. The first one uses the location blind linear MRA. The second integrates the linear MRA with a location adjustment factor calculated using spatial interpolation. The second alternative is an application of Location Value Response Surface Models (O'Connor, 1982). It represents the first application of these models for mass appraising in Italy. The third approach introduces the Iterative Location Adjustment Factor. This is a factor which measure the influence of location derived from a mathematical iteration. Empirical results seem to prove the validity of Iterative Location Adjustment Factors in specific context with few observations.

SANTRUKA

Darbe nagrinejamas naujas masinio turto vertinimo modelis, apimantis geografines padeties kintamaji. Iteraciniu būdu apskaičiuotas geografines padeties korekcijos veiksnys palygintas su geografines padeties korekcijos veiksniu, gautu taikant geostatistinius metodus. darbe lyginami trys skirtingi tiesiniai mrA modeliai. Pirmajame naudojamas geografines padeties nevertinantis tiesinis MRA. Antrajame tiesinis MRA sujungiamas su geografines padeties korekcijos veiksniu, apskaičiuotu pasitelkus erdvine interpoliacija. Antrojoje alternatyvoje pritaikomi geografines padeties vertes stebimojo paviršiaus (angl. Location Value Response Surface) modeliai (O'Connor 1982). Italijoje šie modeliai masiniam turto vertinimui naudojami pirma karta. Trečiojoje alternatyvoje taikomas iteracinis geografines padeties korekcijos veiksnys. Jis ivertina geografines padeties itaka, nustatyta iteraciniu būdu. Empiriniai rezultatai, regis, irodo iteraciniu geografines padeties korekcijos veiksniu pagristuma konkrečiame kontekste, kai stebejimu yra mažai.

Keywords:

• Mass appraisal
• Automated valuation models
• Location
• Location value response surface
• Location adjustment factor