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Article
Publication date: 12 July 2011

John Kilpatrick

The purpose of this paper is to examine the usefulness of a heuristic expert system, to show its applicability to real‐world valuation problems, and to suggest several avenues for…

1064

Abstract

Purpose

The purpose of this paper is to examine the usefulness of a heuristic expert system, to show its applicability to real‐world valuation problems, and to suggest several avenues for statistical testing.

Design/methodology/approach

The expert systems follow a traditional sales adjustment grid format, with sufficient data for non‐parametric testing.

Findings

The paper finds that, while non‐parametric statistics provide weaker results than traditional (e.g. hedonic regression) modeling, the technique provides a statistically testable model useful in situations with limited data and/or poorly characterized probability functions.

Practical implications

This paper addresses the conundrum faced by real estate valuers on the lack of statistical underpinnings of traditional heuristic models.

Originality/value

This is one of the first empirical studies in the valuation literature exploring statistical characterization of heuristic valuation methods.

Details

Journal of Property Investment & Finance, vol. 29 no. 4/5
Type: Research Article
ISSN: 1463-578X

Keywords

Article
Publication date: 16 October 2009

Shih‐MingYou and Chin‐oh Chang

The purpose of this paper is to construct a weight model from the sales comparison approach.

1065

Abstract

Purpose

The purpose of this paper is to construct a weight model from the sales comparison approach.

Design/methodology/approach

Although weighted average of comparables into sales comparison value is commonly applied in the past, most papers only focus mathematical calculation. This paper examines the correlation between weight and attributes of 6,345 sales comparable properties adopting the multiple regression model.

Findings

This paper finds the price type, proximity of transaction date, inside the neighborhood area or not, total gross adjustment as percent, numbers of adjustments and the attributes of other comparables considered in one appraisal are significant on the weight of comparables. The expected MAPE and Hit rate criterions are passed after forecasting 10 percent validation samples modeled by 90 percent samples randomly surveyed.

Practical implications

The weighted average to determine the sales comparison value is reasonable since the value conclusion will “correlate” to indication of value derived by different comparables.

Originality/value

This paper discusses the weight model and forecasts weights directly instead of only forecasting value. By elaborating on the core question of weights, this paper hopes to assist the degree of science and objectivity of appraisal.

Details

Property Management, vol. 27 no. 5
Type: Research Article
ISSN: 0263-7472

Keywords

Open Access
Article
Publication date: 11 August 2022

Li Ji, Yiwei Zhang, Ruifeng Shi, Limin Jia and Xin Zhang

Green energy as a transportation supply trend is irreversible. In this paper, a highway energy supply system (HESS) evolution model is proposed to provide highway transportation…

Abstract

Purpose

Green energy as a transportation supply trend is irreversible. In this paper, a highway energy supply system (HESS) evolution model is proposed to provide highway transportation vehicles and service facilities with a clean electricity supply and form a new model of a source-grid-load-storage-charge synergistic highway-PV-WT integrated system (HPWIS). This paper aims to improve the flexibility index of highways and increase CO2 emission reduction of highways.

Design/methodology/approach

To maximize the integration potential, a new energy-generation, storage and information-integration station is established with a dynamic master–slave game model. The flexibility index is defined to evaluate the system ability to manage random fluctuations in power generation and load levels. Moreover, CO2 emission reduction is also quantified. Finally, the Lianhuo Expressway is taken as an example to calculate emission reduction and flexibility.

Findings

The results show that through the application of the scheduling strategy to the HPWIS, the flexibility index of the Lianhuo Expressway increased by 29.17%, promoting a corresponding decrease in CO2 emissions.

Originality/value

This paper proposed a new model to capture the evolution of the HESS, which provides highway transportation vehicles and service facilities with a clean electricity supply and achieves energy transfer aided by an energy storage system, thus forming a new model of a transportation energy system with source-grid-load-storage-charge synergy. An evaluation method is proposed to improve the air quality index through the coordination of new energy generation and environmental conditions, and dynamic configuration and dispatch are achieved with the master–slave game model.

Article
Publication date: 6 April 2012

Tzu‐Chin Lin and Hsiao‐Yen Chang

Despite its popularity in practice, sales comparison is constantly criticized as subjective and even relegated to the least recommended method by some scholars. This paper aims to…

Abstract

Purpose

Despite its popularity in practice, sales comparison is constantly criticized as subjective and even relegated to the least recommended method by some scholars. This paper aims to examine the validity of the above statement.

Design/methodology/approach

A number of statistical techniques have been proposed to improve the objectivity of the sales comparison approach. In contrast, property valuation can also be seen as an exercise of human problem solving with respect to market information. As a result, the approach of a controlled experiment is employed.

Findings

First, experienced appraisers tend to adopt an appraisal process that significantly differs from that specified in legal standards. Second, appraisers have developed a specific‐to‐general information inquiry path. Third, appraisers are likely to stop examining additional sales evidence early when the appraised subject is a typical product. Fourth, appraisers have a tendency to weigh the comparables that come to their attention earlier more heavily than those that come later. Finally, despite the different strategies of information absorption, value variations among appraisers are consistent between different residential properties. The evidence, taken together, strongly suggests that professional appraisers have developed some heuristics or short‐cuts in digesting information relevant to appraisal.

Originality/value

This study is one of the very few that examine appraisers' decision making in Taiwan.

Article
Publication date: 10 October 2018

Jiaping Xie, Weisi Zhang, Lihong Wei, Yu Xia and Shengyi Zhang

The purpose of this paper is to examine the impact of renewable energy on the power supply chain and to study whether the renewable generator or the power grid that purchases…

Abstract

Purpose

The purpose of this paper is to examine the impact of renewable energy on the power supply chain and to study whether the renewable generator or the power grid that purchases power from the power spot market is better when the actual generation of renewable energy is insufficient. The authors want to compare and analyze the different power supply chain operation modes and discuss the optimal mode selection for renewable energy generator and power grid in different situations.

Design/methodology/approach

This paper studies the grid-led price competition game in the power supply chain, in which the power grid as a leader decides the price of transmission and distribution, and generators determine the power grid price. The renewable energy power generator and the traditional energy power generator conduct a price competition game; on the other hand, the power grid and power generators conduct Stackelberg games. The authors analyze the power supply of single power generator and two power generators, respectively, and research on the situation that the renewable energy cannot be fully recharged when the actual power generation is insufficient.

Findings

The study finds that both renewable and traditional power grid prices decline as price sensitivity coefficient of demand and installed capacity of renewable energy generators increase. Power grid premium decreases as the price sensitivity coefficient of demand increases, but rises as the installed capacity of renewable energy generator increases. When there is a shortage of power, if the installed capacity of renewable energy is relatively small and price sensitivity coefficient of demand is relatively large, the grid purchases the power from power spot market and shares cost with renewable energy generators, leading to higher expected profits of the renewable energy generators. On the contrary, the renewable energy generators prefer to make up power shortage themselves. For the power grid, purchasing the power by the renewable energy generators when there is a power shortage can bring more utility to the power grid when the installed capacity of renewable energy is lower and the demand price sensitivity coefficient is higher. When the installed capacity of renewable energy is high and the price sensitivity coefficient of demand is moderate, or the installed capacity of renewable energy is moderate and the demand price sensitivity coefficient is high, a generator that simultaneously possesses two kinds of energy source will bring more utility to the power grid. If the installed capacity of renewable energy and the demand price sensitivity coefficient both are small or the installed capacity of renewable energy and the price sensitivity coefficient of demand both are large, the power grid prefers to purchase the power by itself when there is a power shortage.

Practical implications

The goal of our paper analysis is to explore the implications of the theoretical model and address the series of research questions regarding the impact of the renewable energy on the power supply chain. The results of this study have key implications for reality. This paper sheds light on the power supply chain operation mode selection, which can potentially be used for the renewable energy generators to choose their operating mode and can also help traditional energy generators and power grid enterprises maximize their utility. This paper also has some references for the government to formulate the corresponding renewable energy development policy.

Originality/value

This paper studies the power operation mode under the uncertainty of supply and demand, and compares the advantages and disadvantages of renewable energy generator that makes up the shortage or the power grid purchases the power from power spot market then shares cost with the renewable energy generator. This paper analyzes the power grid-led coordination problem in a power supply chain, compares and analyzes the price competition game model of single power generator and dual power generators, and compares the different risk preferences of power grid.

Details

Industrial Management & Data Systems, vol. 119 no. 2
Type: Research Article
ISSN: 0263-5577

Keywords

Article
Publication date: 1 May 1980

David Ray, John Gattorna and Mike Allen

Preface The functions of business divide into several areas and the general focus of this book is on one of the most important although least understood of these—DISTRIBUTION. The…

1412

Abstract

Preface The functions of business divide into several areas and the general focus of this book is on one of the most important although least understood of these—DISTRIBUTION. The particular focus is on reviewing current practice in distribution costing and on attempting to push the frontiers back a little by suggesting some new approaches to overcome previously defined shortcomings.

Details

International Journal of Physical Distribution & Materials Management, vol. 10 no. 5/6
Type: Research Article
ISSN: 0269-8218

Article
Publication date: 8 June 2015

Antonina Bauman

This paper aims to explore online consumers’ perceptions of a trustworthy Web site. Specifically, it analyzes which Web site elements and features online buyers identify as online…

1260

Abstract

Purpose

This paper aims to explore online consumers’ perceptions of a trustworthy Web site. Specifically, it analyzes which Web site elements and features online buyers identify as online trust cues signaling e-vendor’s trustworthiness.

Design/methodology/approach

This study implemented a repertory grid technique to gain insight into the customers’ perceptions of Web site trustworthiness.

Findings

The most frequently identified online trust cues belong to the “Layout”, “Easy to Use” and “Sales” categories. This is in contrast with the traditional views that Web elements related to customers’ privacy and security are leading trust cues. In addition, online shoppers confirmed two trends in e-commerce: the role of social media in developing online trust to e-vendors is increasing and online shopping is associated with entertainment.

Research limitations/implications

Rich data collected from 16 participants of this qualitative study present a challenge for generalizability. A caution should be taken in extending findings to the whole population of online shoppers.

Practical implications

This study proves that the repertory grid technique is a useful method for qualitative market research. This method helped to solicit a list of Web site elements and features that online consumers identified as online trust cues. As buyers refer to those cues when deciding to trust or not to trust an e-vendor with the private and confidential information, businesses could use these research findings in designing Web sites that signal trustworthiness to customers.

Originality/value

This study contributes to the research methodology as it extends the use of the repertory grid technique to the study of online trust cues and collection of data online. It is one of a few qualitative studies of online trust cues.

Details

Qualitative Market Research: An International Journal, vol. 18 no. 3
Type: Research Article
ISSN: 1352-2752

Keywords

Abstract

Details

Energy Security in Times of Economic Transition: Lessons from China
Type: Book
ISBN: 978-1-83982-465-4

Article
Publication date: 1 May 1983

In the last four years, since Volume I of this Bibliography first appeared, there has been an explosion of literature in all the main functional areas of business. This wealth of…

16237

Abstract

In the last four years, since Volume I of this Bibliography first appeared, there has been an explosion of literature in all the main functional areas of business. This wealth of material poses problems for the researcher in management studies — and, of course, for the librarian: uncovering what has been written in any one area is not an easy task. This volume aims to help the librarian and the researcher overcome some of the immediate problems of identification of material. It is an annotated bibliography of management, drawing on the wide variety of literature produced by MCB University Press. Over the last four years, MCB University Press has produced an extensive range of books and serial publications covering most of the established and many of the developing areas of management. This volume, in conjunction with Volume I, provides a guide to all the material published so far.

Details

Management Decision, vol. 21 no. 5
Type: Research Article
ISSN: 0025-1747

Keywords

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 developing a…

1620

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

Keywords

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