Abstract
Individual decision-making largely influences the effectiveness of decisions and benefits of investments. Methods: In this article, a consensus model for group decision-making (GDM), based on the analytic hierarchy process (AHP), is developed to gather group ideas and analyze the real estate investment environment under multi-criteria problems. Twelve evaluation procedures of the developed model, which increase the convergence of the opinions of multiple experts, are proposed. An empirical case about the real estate investment environment is applied to certify the feasibility of this developed model. the evaluation procedures have been fully observed with several rounds of discussions, and have manifested the experiences of experts. Besides, the evaluation results are in accordance with real-world situations, which demonstrates that our developed model is a feasible analysis tool for real estate investors to obtain better profits and lower risk.
Highlights
Individual decision-making largely influences the effectiveness of decisions and benefits of investments
(3)Select five domain experts who are familiar with the real estate investment environment to construct groups of decision makers (DMs), according to Step 3
We can draw the conclusion that the real estate investment environment of Shanghai is the best, followed by that of Beijing; the worst investment environment is Guangzhou
Summary
Individual decision-making largely influences the effectiveness of decisions and benefits of investments. Methods: In this article, a consensus model for group decision-making (GDM), based on the analytic hierarchy process (AHP), is developed to gather group ideas and analyze the real estate investment environment under multi-criteria problems. Real estate investment is an economic behavior that inputs resources and money to estate development, management and intermediary services in order to obtain the maximum profits. Real estate investment is more affected by economic policy, social needs, market capacity, laws and regulations, etc. The risk of real estate investment mainly originates from two aspects (Zietz et al, 2003): (1) the uncertainty of the developers and (2) the influence of the outside environment. There is no doubt that a good investment environment is critical to real estate investors in order to obtain better profits and lower risk
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