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Article
Publication date: 1 April 2000

William J. McCluskey, William G. Deddis, Ian G. Lamont and Richard A. Borst

The aim of this paper is to attempt to measure the effect of location on residential house prices and to endeavour to integrate spatial and aspatial data in terms of…

Abstract

The aim of this paper is to attempt to measure the effect of location on residential house prices and to endeavour to integrate spatial and aspatial data in terms of developing a hybrid predictive model. The research methodology investigates the traditional hedonic approach to modelling location using multiple regression techniques. Alternative approaches are considered which specifically model the spatial distribution of house prices with the objective of developing location adjustment factors. These approaches are based on the development of surface response techniques such as inverse distance weighting and universal kriging. The results generated from the surfaces created are then calibrated within MRA.

Details

Journal of Property Investment & Finance, vol. 18 no. 2
Type: Research Article
ISSN: 1463-578X

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Article
Publication date: 21 August 2007

William J. McCluskey and Richard A. Borst

The purpose of this research is to explore from a mass appraisal perspective how the effects of location are reflected within valuation models. The paper sets out to…

Abstract

Purpose

The purpose of this research is to explore from a mass appraisal perspective how the effects of location are reflected within valuation models. The paper sets out to detail the various techniques and the efficacy of their application.

Design/methodology/approach

The approach adopted is analytical and based upon the development of locational attributes. An extensive literature base is synthesized with methods being evaluated in their application to mass appraisal.

Findings

This research has identified that the three main groups interested in residential property valuation, namely, academia, industry and commerce have to a certain extent been unfamiliar with the research developments occurring in the other groups. The impact of this is important, given the need for integration and collaboration in terms of future model development.

Research limitations/implications

The research underpinning this paper will provide a solid basis for further research into this area. The importance of measuring the effect that location has on value is of major significance in the determination of objective estimates of property value.

Practical implications

Those within the assessment community could be described as pragmatists working in a situation that requires feasible and suitable solutions to the problem of measuring location value. It is our contention that the third generation techniques of spatially varying parameter models and spatial autocorrelation models will require greater industry verification before their use becomes more widely accepted.

Originality/value

This paper provides a detailed analysis of methodologies used to reflect the value of location over the last 50 years. The debate is taken forward by describing what will be the contribution to the development of the next generation of location‐specific modeling techniques.

Details

Property Management, vol. 25 no. 4
Type: Research Article
ISSN: 0263-7472

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Article
Publication date: 9 August 2011

William J. McCluskey and Richard A. Borst

The purpose of this paper is to describe a segmentation technique based on geostatistical modeling methods utilizing geographically weighted regression (GWR) to identify…

Abstract

Purpose

The purpose of this paper is to describe a segmentation technique based on geostatistical modeling methods utilizing geographically weighted regression (GWR) to identify submarkets which could be applied within the mass appraisal environment.

Design/methodology/approach

Given the spatial dimension within which neighbourhoods/submarkets exist, this paper has sought to utilize the geostatistical technique of GWR to identify them.

Findings

The efficacy of the procedure is established by demonstrating improvements in predictive accuracy of the resultant segmented market models as compared to a baseline global unsegmented model for each of the study areas. Optimal number of segments is obtained by measures of predictive accuracy, spatial autocorrelation in the residual errors and the Akaike information criterion.

Research limitations/implications

The three datasets used allowed for an evaluation of the robustness of the method. Nonetheless it would be beneficial to test it on other datasets, particularly from different regions of the world.

Practical implications

Many researchers and mass appraisal practitioners have established the benefit of segmenting a study area into two or more submarkets as a means of incorporating the effects of location within mass valuation models. This approach develops the existing knowledge.

Social implications

The research ultimately is developing more accurate valuation models upon which the property tax is based. This should create an environment of fair and acceptable assessed values by the tax paying community.

Originality/value

The contribution of this work lies in the methodological approach adopted which incorporates a market basket approach developed through a process of GWR. The importance of the research findings illustrate that submarket segmentation need no longer be an arbitrary process.

Details

International Journal of Housing Markets and Analysis, vol. 4 no. 3
Type: Research Article
ISSN: 1753-8270

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Article
Publication date: 1 December 1997

William McCluskey, William Deddis, Adam Mannis, Dillon McBurney and Richard Borst

Provides an outline of research seeking to apply to computer assisted mass appraisal (CAMA) model capable of use within a geographic information system (GIS). The end…

Abstract

Provides an outline of research seeking to apply to computer assisted mass appraisal (CAMA) model capable of use within a geographic information system (GIS). The end product will be a working GIS/valuation integrated model. The model, in an operational context, can be utilized for property taxation purposes, to facilitate the rating and revaluation of residential properties in Northern Ireland. As the value of land and property is a function of economic, legal, physical and locational factors, consequently access to comprehensive, reliable and up‐to‐date transaction evidence is a prerequisite to property valuation. Valuation techniques depend on the collection and analysis of relevant data. Historically, the application of these techniques took place within a non‐spatial environment. Ultimately, market data support any estimate of value. Data searches and collection can prove both time consuming and expensive in relation to the fee earning potential of a valuation report. GIS can facilitate, in a spatial and aspatial context, the storage, manipulation and analysis of data, in a fraction of the time previously required. Current techniques for the mass appraisal of property, and for the prediction of residential property values, can be enhanced by utilizing the data handling capacity of GIS. Integration of a mass appraisal model within a GIS will add value to the valuation process.

Details

Journal of Property Valuation and Investment, vol. 15 no. 5
Type: Research Article
ISSN: 0960-2712

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Book part
Publication date: 20 November 2015

Tricia Valdez-Zontek, Teddi Beam-Conroy and Nancy Encarnación

Why do K-12 schools not perform better in educating English Language Learners (ELLs)? Part of the problem lies with higher education: We continue to produce pre-service…

Abstract

Why do K-12 schools not perform better in educating English Language Learners (ELLs)? Part of the problem lies with higher education: We continue to produce pre-service teachers who are not prepared for today’s multilingual student population and, more importantly, most currently practicing teachers lack any such preparation.

Details

University Partnerships for Community and School System Development
Type: Book
ISBN: 978-1-78560-132-3

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Article
Publication date: 29 October 2019

Georgia-Zozeta Miliopoulou

The purpose of this paper is to investigate how the degree of investment and involvement attributed to specific product categories, affect content marketing plans and…

Abstract

Purpose

The purpose of this paper is to investigate how the degree of investment and involvement attributed to specific product categories, affect content marketing plans and practices on the Web and social media.

Design/methodology/approach

This is a conceptual paper based on the classification proposed by Morton and Devine (1985) on the axes of investment and involvement. The author uses secondary research evidence from both academic and industry sources to document content marketing trends in the US and the EU markets and allocates such trends using the semiotic square.

Findings

The findings indicate that products in each quadrant follow similar practices regarding content publishing, campaign planning and community management.

Research limitations/implications

Further research may test this model empirically and assess its merits in different markets.

Practical implications

Managers can use this model for content planning, considering category-related opportunities and limitations. The model may also serve as a teaching tool to familiarize students with older research and its potential contribution in current settings.

Originality/value

By applying an old model in the current US/EU context, this paper helps document and understand content marketing practices, paving the way toward their optimization.

Content available
Article
Publication date: 21 August 2007

Pieter Ballon

Abstract

Details

info, vol. 9 no. 5
Type: Research Article
ISSN: 1463-6697

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Article
Publication date: 7 March 2016

Richard Grover

– The purpose of this paper is to review the issues involved in the implementation of mass valuation systems and the conditions needed for doing so.

Abstract

Purpose

The purpose of this paper is to review the issues involved in the implementation of mass valuation systems and the conditions needed for doing so.

Design/methodology/approach

The method makes use of case studies of and fieldwork in countries that have either recently introduced mass valuations, brought about major changes in their systems or have been working towards introducing mass valuations.

Findings

Mass valuation depends upon a degree of development and transparency in property markets and an institutional structure capable of collecting and maintaining up-to-date price data and attributes of properties. Countries introducing mass valuation may need to undertake work on improving the institutional basis for this as a pre-condition for successful implementation of mass valuation.

Practical implications

Although much of the literature is concerned with how to improve the statistical modelling of market prices, there are significant issues concerned with the type and quality of the data used in mass valuation models and the requirements for successful use of mass valuations.

Originality/value

Much of the literature on mass valuation takes the form of the development of statistical models of value. There has been much less attention given to the issues involved in the implementation of mass valuation.

Details

Journal of Property Investment & Finance, vol. 34 no. 2
Type: Research Article
ISSN: 1463-578X

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Article
Publication date: 1 December 2005

Marco Aurélio Stumpf González, Lucio Soibelman and Carlos Torres Formoso

Available literature claims that location is a key attribute in the housing market. However, the impact of this attribute is difficult to measure and the traditional…

Abstract

Purpose

Available literature claims that location is a key attribute in the housing market. However, the impact of this attribute is difficult to measure and the traditional hedonic approach using subjective assessments is problematic. This paper seeks to explore trend surface analysis technique, attempting to provide an alternative way to measure location values.

Design/methodology/approach

TSA works in a similar way to other response surface methods but it is implemented directly in regression models, using a set of combinations of the co‐ordinates of properties in several power degrees. It can also be implemented in artificial neural networks, taking advantage of the neural ability in non‐linear domains. This work presents a comparison between traditional regression approach, error modelling, response surfaces, and TSA. ANN is also used to estimate some models, comparing their results. The objective is to verify the behaviour of TSA in hedonic models. A case study was carried using data of over 30,000 sales tax data of apartments sold in Porto Alegre, a southern Brazilian town.

Findings

The results indicates that TSA is an effective tool for the spatial analysis of real estate, because TSA models are similar to other approaches, but are developed with less expert work.

Originality/value

This paper presents an application of TSA in real estate market, which is an interesting alternative to traditional measures of location attributes.

Details

Property Management, vol. 23 no. 5
Type: Research Article
ISSN: 0263-7472

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Article
Publication date: 25 January 2008

Rob Lawson, John Guthrie, Alan Cameron and Wolfgang Chr. Fischer

Farmers' markets have provided new alternatives for small producers to obtain direct distribution to consumers over the past few years. The growth has been spectacular in…

Abstract

Purpose

Farmers' markets have provided new alternatives for small producers to obtain direct distribution to consumers over the past few years. The growth has been spectacular in several countries and this paper aims to understand this growth and how value might be created by looking at participation and cooperation amongst the traders at these markets.

Design/methodology/approach

A survey of farmers' market members was undertaken and findings are reported with descriptive statistics and exploratory analysis to profile aspects of cooperation amongst stallholders.

Findings

Over 80 per cent of the traders at the markets were involved in some form of cooperative activity, reinforcing the idea of markets as community‐based activities with high levels of interdependence amongst participants. Cooperation could be identified in different categories and increased over the length of time trading at the market but could not be directly related to performance or the reasons traders offered for doing business at the market.

Research limitations/implications

The research was designed as an exploratory study and provides potential issues for further research as opposed to testing particular hypotheses.

Practical implications

The categorisation of cooperation methods offers traders ways in which they might seek to more formally organise joint efforts. Monitoring the degree of cooperation between traders and linking to performance would also provide the organisers of markets with a potential way of managing aspects of competitive advantage against competing food retailers.

Originality/value

This is the first paper to examine value creation and cooperation in this context and it provides a potential base for working towards sustainable competitive advantage for farmers' markets.

Details

British Food Journal, vol. 110 no. 1
Type: Research Article
ISSN: 0007-070X

Keywords

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