Towards a taxonomy for real estate and land automated valuation systems

IF 1.6 Q3 BUSINESS, FINANCE Journal of Property Investment & Finance Pub Date : 2020-10-09 DOI:10.1108/jpif-07-2020-0087
Brano Glumac, F. D. Rosiers
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引用次数: 4

Abstract

PurposeAutomated valuation models have been in use at least for the last 50 years in both academia and practice, while automated valuation recently re-emerged as very important with the rise of digital infrastructure. The current state of the art, therefore, justifies the dual contributions of this paper: organising existing knowledge and providing a new framework.Design/methodology/approachThis paper provides much-needed analysis and synthesis of the accumulated body of knowledge by proposing an updated classification of automated valuation approaches based on two criteria, and a taxonomy adapted to new trends. The latter requires a paradigm shift from models to automated valuation systems. Both classification and taxonomy arose after literature review.FindingsThis paper provides a framework for an explicit context under which automated valuation is carried out. To do so, authors propose a definition of automation valuation systems; contextualise the differences among theories, approaches, methods, models and systems present in automated valuation and introduce a classification of automated valuation approaches and a non-hierarchical taxonomy of automated valuation systems.Research limitations/implicationsPerhaps, a systematic literature review process instead of a selective list of 100 references could additionally validate the proposed classification and taxonomy.Practical implicationsThe new framework, underlying various dimensions of the automated valuation process, can help practitioners surpass judging models based purely on their predictive accuracy. Also, the automated valuation system is a more generic term that can better accommodate future research coming from a multitude of disciplines, more diverse business areas and enlarged variety of practical users.Originality/valueThis is the first paper that develops a taxonomy of automated valuation systems.
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房地产和土地自动估价系统的分类
自动化估值模型在学术界和实践中至少已经使用了50年,而随着数字基础设施的兴起,自动化估值最近重新变得非常重要。因此,当前的艺术状态证明了本文的双重贡献:组织现有知识和提供一个新的框架。设计/方法论/方法本文通过提出基于两个标准的自动估价方法的更新分类和适应新趋势的分类法,为积累的知识体系提供了急需的分析和综合。后者需要从模型到自动评估系统的范式转变。分类和分类学都是在文献综述之后产生的。本文提供了一个明确的框架,在此背景下进行自动估值。为此,作者提出了自动化评估系统的定义;将自动估价中存在的理论、方法、方法、模型和系统之间的差异置于背景下,并介绍自动估价方法的分类和自动估价系统的非分层分类法。研究的局限性/意义也许,系统的文献综述过程而不是选择性的100篇参考文献列表可以额外验证所提出的分类和分类法。实际意义:新框架潜藏在自动化评估过程的各个维度之下,可以帮助从业者超越纯粹基于预测准确性的判断模型。此外,自动评估系统是一个更通用的术语,可以更好地适应来自众多学科、更多样化的业务领域和更广泛的实际用户的未来研究。原创性/价值这是第一篇对自动评估系统进行分类的论文。
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来源期刊
CiteScore
3.50
自引率
23.10%
发文量
33
期刊介绍: Fully refereed papers on practice and methodology in the UK, continental Western Europe, emerging markets of Eastern Europe, China, Australasia, Africa and the USA, in the following areas: ■Academic papers on the latest research, thinking and developments ■Law reports assessing new legislation ■Market data for a comprehensive review of current research ■Practice papers - a forum for the exchange of ideas and experiences
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