Pricing Factors in Real Estate Markets: A Simple Preference Based Approach

Conventional wisdom tells us that the price level of properties should be supported by the rent they receive. This paper examines the pricing factors of properties by analyzing how individuals allocate their income to housing consumption and other goods, which in turn become the rent (or implicit rent) to support property values. Our model’s results can explain several puzzling observations in property markets, including why the variance of property appreciation rates is much higher than that of income growth rates in the same area.Preference-based model, pricing factors, property appreciation, property markets

A Rational Explanation for Boom-and-Bust Price Patterns in Real Estate Markets

This paper develops a stylized model to provide a rational explanation for the boom-and-bust price movement pattern that we frequently observe in the real world. Our stylized model indicates that there are three conditions to form a boom-and-bust price pattern in a community: a move-in of high income residents, wide income gap between new and existing residents, and supply process that leads to an inventory buildup. It seems that, based on these three conditions, China is more likely to experience a boom-and-bust price movement pattern than a developed country with a more mature and less vibrant economy.Real Estate Cycles; Boom-and-Bust; Supply Decision; Moving Costs

A New Approach to Intuitionistic Fuzzy Decision Making Based on Projection Technology and Cosine Similarity Measure

For a multi-attribute decision making (MADM) problem, the information of alternatives under different attributes is given in the form of intuitionistic fuzzy number(IFN). Intuitionistic fuzzy set (IFS) plays an important role in dealing with un-certain and incomplete information. The similarity measure of intuitionistic fuzzy sets (IFSs) has always been a research hotspot. A new similarity measure of IFSs based on the projection technology and cosine similarity measure, which con-siders the direction and length of IFSs at the same time, is first proposed in this paper. The objective of the presented pa-per is to develop a MADM method and medical diagnosis method under IFS using the projection technology and cosine similarity measure. Some examples are used to illustrate the comparison results of the proposed algorithm and some exist-ing methods. The comparison result shows that the proposed algorithm is effective and can identify the optimal scheme accurately. In medical diagnosis area, it can be used to quickly diagnose disease. The proposed method enriches the exist-ing similarity measure methods and it can be applied to not only IFSs, but also other interval-valued intuitionistic fuzzy sets(IVIFSs) as well