A multi-objective analysis model in mass real estate appraisal

The purpose of this research is to analyse the performance of a real estate valuation model based on the multi objective decision making methods. The optimal price function is achieved with the goal programming model. The price function which is described as the sum of the individual objectives (criteria), and the goals are the prices of comparable properties. The model integrates with the inductive and deductive approach overcomes many of the assumptions of the best known statistical approaches. The evaluation of the proposed model is performed by comparing the results obtained by the application, to the same case study, of a multiple linear regression model and a nonlinear regression method based on penalised spline smoothing model. The comparison shows, first of all, the best interpretation capabilities of the proposed model.