Luxembourg Real Estate Investment Vehicles

The inherent uncertainty in property prices are traditionally characterized by probability distributions (Ratcliff, 1972 and Squirell, 1985). However, the lack of precise information on properties often poses a problem. As mentioned by Bagnoli and Smith (1998), appraisers use a great deal of judgment to identify the characteristics (attributes) of properties that relate to property prices. Additionally, they usually have to consider qualitative characteristics, such as structural quality, architectural attractiveness and location convenience. In order to express the inherent imprecision in the ways that people think and make decisions about the pricing of real estate, they propose a fuzzy...
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Luxembourg Real Estate Investment Vehicles