A Fully Automated Adjustment of Ensemble Methods in Machine Learning for Modeling Complex Real Estate Systems
The close relationship between collateral value and bank stability has led to a considerable need to a rapid and economical appraisal of real estate. The greater availability of information related to housing stock has prompted to the use of so-called big data and machine learning in the estimation...
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| Main Authors: | , , , , , |
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| Format: | Article |
| Language: | English |
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Wiley
2020-01-01
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| Series: | Complexity |
| Online Access: | http://dx.doi.org/10.1155/2020/5287263 |
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| author | José-Luis Alfaro-Navarro Emilio L. Cano Esteban Alfaro-Cortés Noelia García Matías Gámez Beatriz Larraz |
| author_facet | José-Luis Alfaro-Navarro Emilio L. Cano Esteban Alfaro-Cortés Noelia García Matías Gámez Beatriz Larraz |
| author_sort | José-Luis Alfaro-Navarro |
| collection | DOAJ |
| description | The close relationship between collateral value and bank stability has led to a considerable need to a rapid and economical appraisal of real estate. The greater availability of information related to housing stock has prompted to the use of so-called big data and machine learning in the estimation of property prices. Although this methodology has already been applied to the real estate market to identify which variables influence dwelling prices, its use for estimating the price of properties is not so frequent. The application of this methodology has become more sophisticated over time, from applying simple methods to using the so-called ensemble methods and, while the estimation capacity has improved, it has only been applied to specific geographical areas. The main contribution of this article lies in developing an application for the entire Spanish market that fully automatically provides the best model for each municipality. Real estate property prices in 433 municipalities are estimated from a sample of 790,631 dwellings, using different ensemble methods based on decision trees such as bagging, boosting, and random forest. The results for estimating the price of dwellings show a good performance of the techniques developed, in terms of the error measures, with the best results being achieved using the techniques of bagging and random forest. |
| format | Article |
| id | doaj-art-9f8757ebd646406b84923d349f8ce50b |
| institution | Kabale University |
| issn | 1099-0526 |
| language | English |
| publishDate | 2020-01-01 |
| publisher | Wiley |
| record_format | Article |
| series | Complexity |
| spelling | doaj-art-9f8757ebd646406b84923d349f8ce50b2025-02-03T00:20:44ZengWileyComplexity1099-05262020-01-01202010.1155/2020/52872635287263A Fully Automated Adjustment of Ensemble Methods in Machine Learning for Modeling Complex Real Estate SystemsJosé-Luis Alfaro-Navarro0Emilio L. Cano1Esteban Alfaro-Cortés2Noelia García3Matías Gámez4Beatriz Larraz5Turkish General StaffDepartment of Industrial EngineeringDepartment of Industrial EngineeringTurkish General StaffDepartment of Industrial EngineeringDepartment of Industrial EngineeringThe close relationship between collateral value and bank stability has led to a considerable need to a rapid and economical appraisal of real estate. The greater availability of information related to housing stock has prompted to the use of so-called big data and machine learning in the estimation of property prices. Although this methodology has already been applied to the real estate market to identify which variables influence dwelling prices, its use for estimating the price of properties is not so frequent. The application of this methodology has become more sophisticated over time, from applying simple methods to using the so-called ensemble methods and, while the estimation capacity has improved, it has only been applied to specific geographical areas. The main contribution of this article lies in developing an application for the entire Spanish market that fully automatically provides the best model for each municipality. Real estate property prices in 433 municipalities are estimated from a sample of 790,631 dwellings, using different ensemble methods based on decision trees such as bagging, boosting, and random forest. The results for estimating the price of dwellings show a good performance of the techniques developed, in terms of the error measures, with the best results being achieved using the techniques of bagging and random forest.http://dx.doi.org/10.1155/2020/5287263 |
| spellingShingle | José-Luis Alfaro-Navarro Emilio L. Cano Esteban Alfaro-Cortés Noelia García Matías Gámez Beatriz Larraz A Fully Automated Adjustment of Ensemble Methods in Machine Learning for Modeling Complex Real Estate Systems Complexity |
| title | A Fully Automated Adjustment of Ensemble Methods in Machine Learning for Modeling Complex Real Estate Systems |
| title_full | A Fully Automated Adjustment of Ensemble Methods in Machine Learning for Modeling Complex Real Estate Systems |
| title_fullStr | A Fully Automated Adjustment of Ensemble Methods in Machine Learning for Modeling Complex Real Estate Systems |
| title_full_unstemmed | A Fully Automated Adjustment of Ensemble Methods in Machine Learning for Modeling Complex Real Estate Systems |
| title_short | A Fully Automated Adjustment of Ensemble Methods in Machine Learning for Modeling Complex Real Estate Systems |
| title_sort | fully automated adjustment of ensemble methods in machine learning for modeling complex real estate systems |
| url | http://dx.doi.org/10.1155/2020/5287263 |
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