Journal Published Online: 07 October 2015
Volume 44, Issue 5

Using the Fuzzy TODIM Method as a Decision Making Support Methodology for House Purchasing

CODEN: JTEVAB

Abstract

This paper provided a model for housing prices based on a seller solving the optimal time on the market problem. House-purchasing involves activities such as making rankings, comparisons, and trade-offs among various housing characteristics. In the process of selling a house, brokerages serve an important role in coordinating between the seller and buyer. This study attempted to develop a dynamic price recommendation method for housing purchases, in which the multiple criteria decision making (MCDM) technique was applied to support the housing quality and evaluation. Based on the prospect theory of the loss aversion effect, this study used the Fuzzy TODIM method to aid the real estate broker coordinating the seller and buyer. The methods not only analyzed this phenomenon but also provided an objective view of the evaluation matrix. The results empirically analyzed the pricing strategy to map price versus quality and improve brokerage intermediation effects and then provided recommendations regarding a suitable price, decisions about negotiation strategies to reach an agreement, and the settlement of an acceptable price.

Author Information

Lin, Chin-Tsai
School of Management, Department of Businessmen Administration, Ming Chuan Univ., Taipei, TW
Lee, Chuan
School of Management, Department of Businessmen Administration, Ming Chuan Univ., Taipei, TW
Lin, Jun-Kun
School of Management, Department of Businessmen Administration, Ming Chuan Univ., Taipei, TW
Pages: 12
Price: $25.00
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Details
Stock #: JTE20150095
ISSN: 0090-3973
DOI: 10.1520/JTE20150095