Entropy Method in the Rank of Attributes of Property Value
- Taylor & Francis Group
- Publication Type:
- Conference Proceeding
- Proceedings of the 3rd International Structural Engineering and Construction Conference, 2005, pp. 497 - 503
- Issue Date:
Property values are affected by various factors. It is difficult to determine which attributes contribute more than others. This paper applies Entropy method to find out which attributes affect property values more significantly in the Hong Kong residential housing market. The priority of the possible attributes of property values are ranked by weight. This study starts with a review of the basic theory of Entropy and followed by the mathematical algorithm. Next section develops a procedure for the empirical studies. Firstly, data collections and quantification are explained. Secondly, the data scaling is described and followed by ranking the results. Reasonable assumptions are made to quantify the data and the degrees of importance of the attributes are identified. Finally, the three groups of ranked attributes are tested by the artificial neural network (ANN) models. The results suggest that the priority of the ranked attributes is significant and effective.
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