For Sale… but for How Long? A Methodological Proposal for Estimating Time-on-the-Market

Abstract

abstract. residential real estate assumes crucial importance in a country's socioeconomic development. It is an important field of study, and much work has gone into better understanding the sector and the factors determining sales within it, such as time-on-the-market (TOM). TOM can be influenced by a variety of elements; a fact that in effect raises a lot of issues, because these determinants are often interpreted in an ambiguous or unstructured way. This study aims to bring greater accuracy and structure to our understanding of these factors, by showing that the integrated use of cognitive mapping with the Analytic Hierarchy Process (AHP) can give rise to a conceptually coherent and empirically valid framework to calculate TOM indices in the residential real estate market. Because it takes into account both tangible and intangible characteristics of a house, this measurement framework also boosts strategic planning support and allows for more informed business planning, which we believe can be a real contribution to the development of the real estate market. The practical implications and limitations of this evaluation system are also discussed.

Experience-focused thinking and cognitive mapping in ethical banking practices: From practical intuition to theory

“…Further research might also consider the use of multiple criteria decision analysis techniques to help prioritize and weight the determinants identified in the present study (for details, see Belton & Stewart, 2002;Canas, Ferreira, & Meidutė-Kavaliauskienė, 2015;Mardani, Jusoh, Zavadskas, Khalifah, & Md Nor, 2015;Martins, Filipe, Ferreira, Jalali, & António, 2015;Zavadskas, Turskis, & Kildienė, 2014). It would furthermore be of interest to develop such maps with different groups of stakeholders, or in different cultural contexts, so as to broaden our understanding of the determinants of ethical baking, and the interactions between them.…”

Proposal of a green index for small and medium-sized enterprises: A multiple criteria group decision-making approach

“…this indicates a negative cause-and-effect link between the connected concepts. Figure 1 is a general representation of the functional logic of cognitive maps (for real examples, see Eden, 2004;Jalali et al, 2016;Martins et al, 2015;Ribeiro et al, 2017). The literature includes two approaches to working with these maps: top-down and bottom-up.…”

“…considered by many authors, such as Podvezko (2009), Longo et al (2015), and Martins et al (2015), to be simple, transparent, and/or easily comprehensible, as well as solidly supported by a mathematical component. This technique can be used to evaluate both quantitative and qualitative criteria.…”

“…This is when the AHP method becomes particularly useful since it helps decision makers to organize and prioritize alternative choices and evaluation criteria (Russo, 2015). After this phase, decision makers perform pairwise comparisons between criteria to determine their trade-offs (Martins et al, 2015). The alternatives and evaluation criteria then are compared using a measurement scale (i.e., Saaty's fundamental scale) with which they are ranked from 1 to 9 (Saaty, 2008).…”

A Holistic Conception of Sustainable Banking: Adding Value With Fuzzy Cognitive Mapping

“…Although there can be many ways to consider decision problems and decision-making situations, when these are multifaceted and multiple criteria are involved, additional demands are placed on the methodological approach adopted to analyze them. Cognitive mapping has been argued to be particularly suited to such situations, not only because it allows for the modeling of complex relationships between variables in manifold phenomena Canas et al 2015;Martins et al 2015), but also because, as visual tools, maps "support the identification and the interpretation of information, facilitate consultation and codification, and stimulate mental associations" (Gavrilova et al : 1758. Indeed, by directly involving participants and fostering discussion between them in order to come to a consensual group map, this methodology promotes greater processual transparency, improves understanding of the decision problem and reduces the likelihood of omitted variables (Peña et al 2008;Ferreira et al 2012;Filipe et al 2015;Jalali et al 2016).…”