{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,3,19]],"date-time":"2026-03-19T00:49:54Z","timestamp":1773881394451,"version":"3.50.1"},"reference-count":23,"publisher":"Emerald","issue":"3","license":[{"start":{"date-parts":[[1995,8,1]],"date-time":"1995-08-01T00:00:00Z","timestamp":807235200000},"content-version":"tdm","delay-in-days":0,"URL":"https:\/\/www.emerald.com\/insight\/site-policies"}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":[],"published-print":{"date-parts":[[1995,8,1]]},"abstract":"<jats:p>Risk and uncertainty are, to say the least, poorly considered by\nmost individuals involved in real estate analysis \u2013 in both\ndevelopment and investment appraisal. Surveyors continue to express\n\u201cuncertainty\u201d about the value (risk) of using relatively\nobjective methods of analysis to account for these factors. These\nmethods attempt to identify the risk elements more explicitly.\nConventionally this is done by deriving probability distributions for\nthe uncontrolled variables in the system. Presents a suggested\n\u201cnew\u201d way of expressing our uncertainty or slight vagueness\nabout some of the qualitative judgements and not entirely certain uses\nof fuzzy logic applied to real estate problems. Discusses and\ndemonstrates the terminology and methodology of fuzzy analysis. In\nparticular, attempts a comparison of fuzzy procedures with those used in\n\u201cconventional\u201d risk analysis approaches and critically\ninvestigates whether a fuzzy approach offers an alternative to the use\nof probability based analysis for dealing with aspects of risk and\nuncertainty in real estate analysis.<\/jats:p>","DOI":"10.1108\/14635789510088591","type":"journal-article","created":{"date-parts":[[2002,7,28]],"date-time":"2002-07-28T18:48:52Z","timestamp":1027882132000},"page":"22-41","source":"Crossref","is-referenced-by-count":48,"title":["Fuzzy analysis"],"prefix":"10.1108","volume":"13","author":[{"given":"Peter","family":"Byrne","sequence":"first","affiliation":[],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"140","reference":[{"key":"key2022031020121096300_b1","unstructured":"Anonymous (1994), \u201cThe logic\nthat dares not speak its name\u201d, The Economist,\n16 April 1994, pp. 137\u20109."},{"key":"key2022031020121096300_b2","doi-asserted-by":"crossref","unstructured":"Bezdek, J.C. (1993), \u201cFuzzy\nmodels \u2013 what are they, and why?\u201d, IEEE\nTransactions on Fuzzy Systems, Vol. 1 No. 1\n, pp. 1\u20105.","DOI":"10.1109\/TFUZZ.1993.6027269"},{"key":"key2022031020121096300_b3","unstructured":"Byrne, P. and Cadman, D. (1984), Risk, Uncertainty and Decision Making in Property\nDevelopment, E. & F.N. Spon, London."},{"key":"key2022031020121096300_b4","unstructured":"Coyle, R.G. (1972), Decision\nAnalysis, Nelson, London."},{"key":"key2022031020121096300_b5","unstructured":"Dilmore, G. (1993), \u201cFuzzy\nset theory: an introduction to its application for real estate analysis\u201d, Paper given at the 1993 American Real Estate\nSociety Annual Conference, Key West, Florida, April 1993."},{"key":"key2022031020121096300_b6","unstructured":"French, S. (1986), Decision\nTheory: An Introduction to the Mathematics of Rationality, Ellis Horwood, Chichester."},{"key":"key2022031020121096300_b7","doi-asserted-by":"crossref","unstructured":"French, S. (1989), Readings in\nDecision Analysis, Chapman & Hall, London\n.","DOI":"10.1007\/978-1-4899-7136-4"},{"key":"key2022031020121096300_b8","unstructured":"FuziCALC User\u2032s Guide (1993), FuziWare Inc., Knoxville, TN."},{"key":"key2022031020121096300_b9","unstructured":"Hargitay, S. and Yu, S.M. (1993), Property Investment Decisions. A Quantitative Approach, E. & F.N. Spon, London."},{"key":"key2022031020121096300_b10","unstructured":"Holloway, C.A. (1979), Decision\nMaking under Uncertainty: Models and Choices, Prentice\u2010Hall, Englewood Cliffs, NJ."},{"key":"key2022031020121096300_b11","unstructured":"Kandel, A. (1986), Fuzzy\nMathematical Techniques with Applications, Addison Wesley\n, Reading, MA."},{"key":"key2022031020121096300_b12","unstructured":"Kaufman, A. and Gupta, M.M. (1991), Introduction to Fuzzy Arithmetic: Theory and Applications, Van Nostrand Reinhold, New York, NY."},{"key":"key2022031020121096300_b13","unstructured":"Klir, G.J. and Folger, T.A. (1988), Fuzzy Sets, Uncertainty and Information, Prentice\u2010Hall, Englewood Cliffs, NJ."},{"key":"key2022031020121096300_b14","unstructured":"Kohn, M. (1994), \u201cThe logic\nthat washes whiter\u201d, The Independent, 5 May 1994, p. 23."},{"key":"key2022031020121096300_b15","unstructured":"Mollart, R.G. (1988), \u201cMonte Carlo simulation using Lotus 123\u201d, Journal of\nValuation, Vol. 6No. 4, pp. 419\u201033."},{"key":"key2022031020121096300_b16","doi-asserted-by":"crossref","unstructured":"Pellatt, P.G.K. (1972), \u201cThe analysis of real estate investments under uncertainty\u201d,\nJournal of Finance, Vol. 27, pp. 459\u201071.","DOI":"10.1111\/j.1540-6261.1972.tb00973.x"},{"key":"key2022031020121096300_b17","doi-asserted-by":"crossref","unstructured":"Pyhrr, S.A. (1973), \u201cA\ncomputer simulation model to measure the risk in real estate investment\u201d, Journal of the American Real Estate and Urban\nEconomic Association (AREUEA), Vol. 1No.\n1, pp. 48\u201078.","DOI":"10.1111\/1540-6229.00103"},{"key":"key2022031020121096300_b18","doi-asserted-by":"crossref","unstructured":"Raiffa, H. (1968), Decision\nAnalysis. Introductory Lectures on Choices under Uncertainty, Addison\u2010Wesley, Reading, MA.","DOI":"10.2307\/2987280"},{"key":"key2022031020121096300_b19","doi-asserted-by":"crossref","unstructured":"Robinson, J. (1987), \u201cCash\nflows and risk analysis\u201d, Journal of Valuation,\nVol. 5 No. 3, pp. 268\u201089.","DOI":"10.1108\/eb008012"},{"key":"key2022031020121096300_b20","doi-asserted-by":"crossref","unstructured":"Sykes, S.G. (1983), \u201cThe\nassessment of property investment risk\u201d, Journal of\nValuation, Vol. 1 No. 3, pp. 253\u201067.","DOI":"10.1108\/eb007935"},{"key":"key2022031020121096300_b21","doi-asserted-by":"crossref","unstructured":"Whipple, R.T.M. (1988), \u201cEvaluation development projects\u201d, Journal of Valuation, Vol. 6 No. 3, pp. 253\u201086.","DOI":"10.1108\/eb008029"},{"key":"key2022031020121096300_b22","doi-asserted-by":"crossref","unstructured":"Wooford, L.E. (1978), \u201cA\nsimulation approach to the appraisal of income producing real estate\u201d, Journal of the American Real Estate and Urban\nEconomic Association (AREUEA), Vol. 6No.\n4, pp. 370\u201093.","DOI":"10.1111\/1540-6229.00187"},{"key":"key2022031020121096300_b23","doi-asserted-by":"crossref","unstructured":"Zadeh, L.A. (1965), \u201cFuzzy\nsets\u201d, Information and Control, Vol. 8\n, pp. 338\u201052.","DOI":"10.1016\/S0019-9958(65)90241-X"}],"container-title":["Journal of Property Valuation and Investment"],"original-title":[],"language":"en","link":[{"URL":"http:\/\/www.emeraldinsight.com\/doi\/full-xml\/10.1108\/14635789510088591","content-type":"unspecified","content-version":"vor","intended-application":"text-mining"},{"URL":"https:\/\/www.emerald.com\/insight\/content\/doi\/10.1108\/14635789510088591\/full\/xml","content-type":"application\/xml","content-version":"vor","intended-application":"text-mining"},{"URL":"https:\/\/www.emerald.com\/insight\/content\/doi\/10.1108\/14635789510088591\/full\/html","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2025,7,25]],"date-time":"2025-07-25T00:29:34Z","timestamp":1753403374000},"score":1,"resource":{"primary":{"URL":"http:\/\/www.emerald.com\/jpif\/article\/13\/3\/22-41\/238244"}},"subtitle":["A vague way of dealing with uncertainty in real\nestate analysis?"],"short-title":[],"issued":{"date-parts":[[1995,8,1]]},"references-count":23,"journal-issue":{"issue":"3","published-print":{"date-parts":[[1995,8,1]]}},"alternative-id":["10.1108\/14635789510088591"],"URL":"https:\/\/doi.org\/10.1108\/14635789510088591","relation":{},"ISSN":["0960-2712"],"issn-type":[{"value":"0960-2712","type":"print"}],"subject":[],"published":{"date-parts":[[1995,8,1]]}}}