THEORETICAL AND METHODOLOGICAL FOUNDATIONS
OF UNCERTAINTY MODELING IN REAL ESTATE MARKETS
THEORETICAL AND METHODOLOGICAL FOUNDATIONS
OF UNCERTAINTY MODELING IN REAL ESTATE MARKETS
Author(s): Nonso Izuchukwu Ewurum, Njideka Maryclara Aguome, Cezary Kowalczyk, Idu Robert Egbenta, Vivita PukiteSubject(s): Socio-Economic Research
Published by: Wydawnictwo Uniwersytetu Warmińsko-Mazurskiego w Olsztynie
Keywords: aleatoric uncertainty; confidence boxes (c-boxes); credal networks; epistemic uncertainty; real estate market valuation; uncertainty modeling;
Summary/Abstract: Motivation: The need to improve the accuracy and reliability of market valuation and risk assessmentin real estate markets, especially under conditions of uncertainty.Aim: To integrate theoretical foundations and methodological approaches for modeling aleatoric andepistemic uncertainties in real estate markets using credal networks and confidence boxes (c-boxes).Approach: This paper presents a comprehensive theoretical and methodological framework foruncertainty modeling in real estate markets, focusing on the application of credal networks andconfidence boxes. It does not include empirical validation or practical case studies, instead providinga detailed conceptual and me – thodological discussion.Results: The proposed method demonstrates significant improvements in uncertainty quantificationand market analysis accuracy in theoretical terms, offering valuable insights for investors, urbanplanners, and policymakers. However, empirical validation is suggested for future research to confirmpractical applicability.
Journal: Acta Scientiarum Polonorum Administratio Locorum
- Issue Year: 23/2024
- Issue No: 3
- Page Range: 407-423
- Page Count: 18
- Language: English
