Comparing Rough Set Theory with Multiple Regression Analysis as Automated Valuation Methodologies
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International Real Estate Review
This paper focuses on the problem of applying rough set theory to mass appraisal. This methodology was first introduced by a Polish mathematician, and has been applied recently as an automated valuation methodology by the author. The method allows the appraiser to estimate a property without defining econometric modeling, although it does not give any quantitative estimation of marginal prices. In a previous paper by the author, data were organized into classes prior to the valuation process, allowing for the if-then, or right ?rule? for each property class to be defined. In that work, the relationship between property and class of valued was said to be dichotomic.