Amirhosein Jafari and Reza Akhavian
The purpose of this paper is to determine the key characteristics that determine housing prices in the USA. Data analytical models capable of predicting the driving forces of…
Abstract
Purpose
The purpose of this paper is to determine the key characteristics that determine housing prices in the USA. Data analytical models capable of predicting the driving forces of housing prices can be extremely useful in the built environment and real estate decision-making processes.
Design/methodology/approach
A data set of 13,771 houses is extracted from the 2013 American Housing Survey (AHS) data and used to develop a Hedonic Pricing Method (HPM). Besides, a data set of 22 houses in the city of San Francisco, CA is extracted from Redfin real estate brokerage database and used to test and validate the model. A correlation analysis is performed and a stepwise regression model is developed. Also, the best subsets regression model is selected to be used in HPM and a semi-log HPM is proposed to reduce the problem of heteroscedasticity.
Findings
Results show that the main driving force for housing transaction price in the USA is the square footage of the unit, followed by its location, and its number of bathrooms and bedrooms. The results also show that the impact of neighborhood characteristics (such as distance to open spaces and business centers) on the housing prices is not as strong as the impact of housing unit characteristics and location characteristics.
Research limitations/implications
An important limitation of this study is the lack of detailed housing attribute variables in the AHS data set. The accuracy of the prediction model could be increased by having a greater number of information regarding neighborhood and regional characteristics. Also, considering the macro business environment such as the inflation rate, the interest rates, the supply and demand for housing, and the unemployment rates, among others could increase the accuracy of the model. The authors hope that the presented study spurs additional research into this topic for further investigation.
Practical implications
The developed framework which is capable of predicting the driving forces of housing prices and predict the market values based on those factors could be useful in the built environment and real estate decision-making processes. Researchers can also build upon the developed framework to develop more sophisticated predictive models that benefit from a more diverse set of factors.
Social implications
Finally, predictive models of housing price can help develop user-friendly interfaces and mobile applications for home buyers to better evaluate their purchase choices.
Originality/value
Identification of the key driving forces that determine housing prices on real-world data from the 2013 AHS, and development of a prediction model for housing prices based on the studied data have made the presented research original and unique.
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Mobina Belghand, Amirhosein Asadi, Mohammad Alipour-Vaezi, Fariborz Jolai and Amir Aghsami
The purpose of this study is developing a new buy-back coordination contract in the symbiotic supply chain. In this new contract, the goal of the supply chain members (profit…
Abstract
Purpose
The purpose of this study is developing a new buy-back coordination contract in the symbiotic supply chain. In this new contract, the goal of the supply chain members (profit maximization) is realized.
Design/methodology/approach
This paper encourages the manufacturer to order products optimally by presenting a new buy-back coordination contract, and in return, the supplier undertakes to buy the unsold products from the manufacturer at the buy-back price. By using data-driven decision-making and multiobjective decision-making and considering the existing conditions in the symbiosis industry, a contract has been presented that guarantees the profits of supply chain members.
Findings
In this paper, it was found out how the authors can determine the order quantity, buy-back price and wholesale price in a symbiotic supply chain in such a way that it makes a profit for both the supplier and the manufacturer. In other words, how to determine these variables to encourage the manufacturer to order more quantity to the supplier so that both will benefit.
Originality/value
To the best of the authors’ knowledge, this is the first paper that defines a new buy-back coordination contract in the symbiotic supply chain by considering uncertain demand and a multiobjective model. Due to the importance of environmental issues, the sharing of resources by companies and organizations with each other, and the necessity of their cooperation, industries are moving toward a symbiosis industry.
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Hugues Seraphin, Anestis Fotiadis and Vanessa Gowreesunkar