Stacking-based uncertainty modelling of statistical and machine learning methods for residential property valuation

A. Jafari, M. R. Delavar*, A. Stein

*Corresponding author for this work

Research output: Chapter in Book/Report/Conference proceedingChapterAcademicpeer-review

2 Citations (Scopus)
30 Downloads (Pure)

Abstract

Estimating real estate prices helps to adapt informed policies to regulate the real estate market and assist sellers and buyers to have a fair business. This study aims to estimate the price of residential properties in District 5 of Tehran, Capital of Iran, and model its associated uncertainty. The study implements the Stacking technique to model uncertainties by integrating the outputs of basic models. Basic models must have a good performance for their combinations to have acceptable results. This study employs four statistical and machine learning models as basic models: Random Forest (RF), Ordinary Least Squares (OLS), Weighted K-Nearest Neighbour (WKNN), and Support Vector Regression (SVR) to estimate the price of residential properties. The results show that the integrated output is more accurate for the quadruple combination mode than for any of the binary and triple combinations of the basic models. Comparing the Stacking technique with the Voting technique, it is shown that the Mean Absolute Percentage Error (MAPE) reduces from 10.18% to 9.81%. Hence we conclude that our method performs better than the Voting technique.

Original languageEnglish
Title of host publicationXXIV ISPRS Congress “Imaging today, foreseeing tomorrow”
Subtitle of host publication Commission IV
EditorsS. Zlatanova, G. Sithole, J. Barton
Place of PublicationNice
PublisherCopernicus
Pages49-55
Number of pages7
Volume5
Edition4
DOIs
Publication statusPublished - 17 May 2022
Event24th ISPRS Congress 2022 - Nice, France
Duration: 6 Jun 202211 Jun 2022
Conference number: 24

Publication series

NameISPRS Annals of the Photogrammetry, Remote Sensing and Spatial Information Sciences
PublisherCopernicus
ISSN (Print)2194-9042

Conference

Conference24th ISPRS Congress 2022
Country/TerritoryFrance
CityNice
Period6/06/2211/06/22

Keywords

  • Ordinary Least Squares
  • Random Forest
  • Stacking. Residential Property Valuation
  • Support Vector Regression
  • Uncertainty Modelling
  • Weighted K-Nearest Neighbours

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