An estimative model of Automated Valuation Method in Italy.

Marco Simonotti, Marina Ciuna, Francesca Salvo

    Risultato della ricerca: Chapter

    3 Citazioni (Scopus)

    Abstract

    The Automated Valuation Method (AVM) is a computer software program that analyzes data using an automated process. It is related to the process of appraising an universe of real estate properties, using common data and standard appraisal methodologies. Generally, the AVM is based on quantitative models (statistical, mathematical, econometric, etc.), related to the valuation of the properties gathered in homogeneous groups (by use and location) for which are collected samples of market data. The real estate data are collected regularly and systematically. Within the AVM, the proposed valuation scheme is an uniequational model to value properties in terms of widespread availability of sample data, allowing the use of statistical models, and in the opposite conditions of the absence of data of comparable properties. Under these conditions the ‘appraisal model’ has a unique shape, when its coefficients are calculated with a mathematical-statistical model and when they are determined by an estimative process. The main part of the appraisal model is unique and the universal in the valuation, for which the mathematical-statistical and estimative procedures are the underlying part. Of course, the accuracy of the valuation increases with the number of available data, other conditions being equal, and the valuations, carried out in the absence of data (but in the presence of other market information), require extra-statistical appraisal procedures involving a complete knowledge of the real estate market (Ciuna and Simonotti 2011). However such knowledge is also required in the AVM performed by quantitative models with regard to the data sampling and the verify of the results (Kauko, T., & d’Amato, M. 2008a & b). The appraisal model is based on uniequational ‘appraisal functions’, on indices measured in the market and on tests. In first approximation, the linear form is preferred for simplicity, for the modularity (the majority of models are linear or linearized or attributable to additive forms), for the understanding of the calculations, the intermediate elements (e.g. marginal prices of the real estate characteristics) and the results of the valuation.
    Lingua originaleEnglish
    Titolo della pubblicazione ospiteAdvances in Automated Valuation Modeling AVM After the Non-Agency Mortgage Crisis
    Pagine85-112
    Numero di pagine28
    Volume86
    Stato di pubblicazionePublished - 2017

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    valuation
    market
    method
    common property resource
    econometrics
    appraisal
    software
    methodology

    All Science Journal Classification (ASJC) codes

    • Computer Science (miscellaneous)
    • Decision Sciences (miscellaneous)
    • Control and Optimization
    • Economics, Econometrics and Finance (miscellaneous)
    • Social Sciences (miscellaneous)
    • Automotive Engineering
    • Control and Systems Engineering

    Cita questo

    Simonotti, M., Ciuna, M., & Salvo, F. (2017). An estimative model of Automated Valuation Method in Italy. In Advances in Automated Valuation Modeling AVM After the Non-Agency Mortgage Crisis (Vol. 86, pagg. 85-112)

    An estimative model of Automated Valuation Method in Italy. / Simonotti, Marco; Ciuna, Marina; Salvo, Francesca.

    Advances in Automated Valuation Modeling AVM After the Non-Agency Mortgage Crisis. Vol. 86 2017. pag. 85-112.

    Risultato della ricerca: Chapter

    Simonotti, M, Ciuna, M & Salvo, F 2017, An estimative model of Automated Valuation Method in Italy. in Advances in Automated Valuation Modeling AVM After the Non-Agency Mortgage Crisis. vol. 86, pagg. 85-112.
    Simonotti M, Ciuna M, Salvo F. An estimative model of Automated Valuation Method in Italy. In Advances in Automated Valuation Modeling AVM After the Non-Agency Mortgage Crisis. Vol. 86. 2017. pag. 85-112
    Simonotti, Marco ; Ciuna, Marina ; Salvo, Francesca. / An estimative model of Automated Valuation Method in Italy. Advances in Automated Valuation Modeling AVM After the Non-Agency Mortgage Crisis. Vol. 86 2017. pagg. 85-112
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