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In this article – based on selected examples and with no certainty that they havebeen aptly chosen – I would like to point out and make a preliminary analysisof certain positions in Polish public discourse which currently display strikingelements of transference in the sense of Dominick LaCapra’s meaning of theterm. They reverberate with reflections of Polish imagined community’s experiencesfrom the Occupation period. In this description, I shall rely on the classiccategor isation introduced by Raul Hilberg, successively discussing the identificationof subjects with the positions of perpetrator, victim and witness.
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This paper investigates an approach for multiple attribute decision making (MADM) problems with interval-valued intuitionistic fuzzy numbers (IVIFNs). To do that, the nonlinear score, accuracy and hesitation functions of IVIFNs are developed based on the normal distribution. The novelty of these nonlinear functions is that they have an additional variance value, which can have more information to rank IVIFNs than Xu and Chen’s score function and Ye’s accuracy function. Based on these nonlinear functions, a ranking method for IVIFNs is proposed. Furthermore, a nonlinearly optimized model is proposed to obtain attribute weights by integrating these nonlinear functions. Then, we develop an approach for interval-valued intuitionistic fuzzy MADM programs in which two cases are considered: the attribute weight information is known and particularly known. In the end, we apply the proposed approach to select green supplier.
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The theory of interval-valued intuitionistic fuzzy sets provides an intuitive and feasible way of addressing uncertain and ambiguous properties. Many useful models and methods have been developed for multiple criteria decision analysis within the interval-valued intuitionistic fuzzy environment. In contrast to the elaborate existing methods, this paper establishes a simple and effective method for managing the sophisticated data expressed by interval-valued intuitionistic fuzzy sets. An inclusion comparison possibility defined on interval-valued intuitionistic fuzzy sets is proposed, and some important properties are investigated. Then, an inclusion-based index that considers positive and negative ideals is offered. Considering the maximal comprehensive inclusion-based indices, this paper constructs a linear programming model (for consistent information) and an integrated, nonlinear programming model (for inconsistent information) to estimate the criterion weights and the optimal ranking order of the alternatives under an incomplete preference structure. The feasibility of the proposed method is illustrated by a practical example of selecting a suitable bridge construction method, and a comparative analysis with other relevant methods is conducted to validate the effectiveness and applicability of the proposed methodology.
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Different from traditional distances between Intuitionistic Fuzzy Sets (IFS), the spherical distance between two IFSs relies not only on their relative differences but also their absolute values. In this paper, we generalize the properties of spherical distance measures between IFSs, and investigate the applications of spherical distance measures in group decision making, pattern recognition and medical diagnosis. We develop an optimization spherical distance model with IFS preference in group decision making, and demonstrate that this model is feasible and practical with an evaluation model of drought risk. By using comparative analysis method, we show that this new spherical distance can also be applied in other fields such as pattern recognition and medical diagnosis.
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The method of ELimination Et Choix Traduisant la REalité (ELimination and Choice Expressing Reality, ELECTRE) is a well-known and widely used outranking method for handling decision-making problems. The purpose of this paper is to develop an interval-valued intuitionistic fuzzy ELECTRE (IVIF-ELECTRE) method and apply it to multiple criteria decision analysis (MCDA) involving the multiple criteria evaluation/selection of alternatives. Using interval-valued intuitionistic fuzzy (IVIF) sets with an inclusion comparison approach, concordance and discordance sets are identified for each pair of alternatives. Next, concordance and discordance indices are determined using an aggregate importance weight score function and a generalised distance measurement between weighted evaluative ratings, respectively. Based on the concordance and discordance dominance matrices, two IVIF-ELECTRE ranking procedures are developed for the partial and complete ranking of the alternatives. The feasibility and applicability of the proposed methods are illustrated with a multiple criteria decision-making problem of watershed site selection. A comparative analysis of other MCDA methods is conducted to demonstrate the advantages of the proposed IVIF-ELECTRE methods. Finally, an empirical study of job choices is implemented to validate the effectiveness of the current methods in the real world.
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In the real decision-making, there are many multiple attribute decision-making (MADM) problems, in which there exists the prioritised relationship among decision-making attributes. In this paper, with respect to the prioritised multi-criteria decision-making problems under intuitionistic trapezoidal fuzzy information, a new decision-making method on the basis of the intuitionistic trapezoidal fuzzy prioritised ordered weighted aggregation operator has been proposed. Firstly, the definitions, operational rules and characteristics of intuitionistic trapezoidal fuzzy numbers and POWA operator have been introduced. Then, intuitionistic trapezoidal fuzzy prioritised ordered weighted aggregation (ITFPOWA) operator has been defined as well as the computational method of associated weight, and some properties have been studied and proved. Furthermore, based on the ITFPOWA operator, an approach to the multi-criteria decision-making with intuitionistic trapezoidal fuzzy numbers has been established. Finally, an illustrative example has been given to prove the evaluation procedures of the developed approach and to demonstrate its practicality and validity.
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This study empirically tests the contagion effects in stock and real estate investment trust (REIT) markets during the subprime mortgage crisis by using daily stock- and REIT-markets data from the following countries and international bodies: the United States, the European Union, Japan, Hong Kong, Singapore, Australia, and the global REIT market. We found a significant and positive dynamic conditional correlation (DCC) coefficient between stock returns and REIT returns. The results revealed that the REIT markets responded early to market shocks and that the variances were higher in the post-crisis period than in the pre-crisis period. Evidence supporting the contagion effects includes increases in the means of the DCC coefficients during the post-crisis period. The Japanese and Australian REIT markets possess the lowest time-varying downside systematic risks. We also demonstrated that the “DCC E-beta” captures more significant downside linkages between market portfolios and expected REIT returns than does the standard CAPM beta.
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As a result of urban housing reform in China, it has become increasingly difficult for low and middle income families to purchase a house. In response to the growing demand for affordable housing, the Chinese Government has developed a specific housing policy to enable families to purchase properties from the private sector. The pricing mechanism of such housing is completely based on the family affordability and the profit margin of developers. To ensure the provision of housing for low and middle-income families, the future trend of affordable housing prices has become a concern for developers, consumers and may adversely influence the implementation of the current national housing policy. In this paper a systematic analysis of affordable housing development and its pricing structure is undertaken for the city of Shenzhen. As information pertaining to the factors influencing house prices is imperfect, a Grey model, which requires a limited amount of data to reflect unknown behavior, is constructed to provide a forecast for affordable house pricing. The analysis indicates that the government should adjust their current affordable housing policy to accommodate the forecasted upward trend in house prices.
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This paper examines the dynamics of return and dynamic volatility across the Malaysian and pan-Asian countries’ listed property companies market over the period January 1998 to August 2012. Listed property companies’ portfolios have the potential to offer high returns and low risks for long-term investments for individuals as well as institutional investors. As such, it is important to assess the return and volatility level of the Malaysian listed property companies market in the dynamic region of pan-Asian countries. This paper uses ARCH and GARCH models to empirically examine the dynamic volatility of listed property companies in 12 pan-Asian countries. The findings revealed that for the past 14-years Malaysia experienced moderately high volatility levels in term of investment in listed property companies. This study will contribute significantly to the empirical literature on the volatility dynamics of the Malaysian property market in international real estate portfolios. In particular, the findings from the study will be useful for international investors to better understand the potential portfolio implications of investing in the Malaysian real estate market.
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NHS Trusts in England must adopt appropriate levels of continued investment in routine and backlog maintenance if they are to ensure critical backlog does not accumulate. This paper presents the current state of critical backlog maintenance within the National Health Service (NHS) in England through the statistical analyses of 115 Acute NHS Trusts. It aims to find empirical support for a causal relationship between building portfolio age and year-on-year increases in critical backlog. It makes recommendations for the use of building portfolio age in strategic asset management. The current trend across this sample of NHS Trusts may be typical of the whole NHS built asset portfolio and suggests that most Trusts need to invest between 0.5 and 1.5 per cent of income (depending upon current critical backlog levels and Trust age profile) to simply maintain critical backlog levels. More robust analytics for building age, condition and risk-adjusted backlog maintenance are required.
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Service life prediction assumes a primary role as it allows a more rational use of construction elements. This constitutes a useful tool in the definition of preventive maintenance plans providing an increase in performance. The main objective of this research is the development of a statistical methodology for the service life prediction of external painted surfaces. This research is based on field data collected via a survey of the state of deterioration of in-service buildings. The degradation is defined by a number of factors that together contribute to the deterioration of painted surfaces thus ending their service life. In this study a mathematical model was defined using a multiple linear regression analysis and this enables the coating's deterioration over time to be expressed as a function of various degradation factors. 220 painted coatings were inspected in 160 buildings of varying construction types. Analytical tools were devised to monitor the performance of paint coatings on walls and estimate their service life. This study contributes to the automation of the maintenance of painted facades, allowing a more rational management of the maintenance of buildings, converted into economic and performance gains.
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This paper is focused on a proposed valuation method including real estate market cycle analysis in real estate valuation process. Starting from early works on this field (d'Amato 2003) the work highlight the dangerous gap between academic research on property market cycles and professional practice of property valuation. The danger of this gap comes from the fact that in spite it is well documented that the property market has a “natural” cyclical behaviour, the opinions of value based on income approaches still relies on assumption of a stable or perpetually growing (or decreasing) income. This may be one generating factors of the real estate bubble and the subsequent financial markets crisis experienced recently. This paper offers a general introduction on cyclical capitalization as a further family of valuation methodologies based on income approach. This method includes in the traditional Dividend Discount Model more than one g-factor in order to plot property market cycle. An empirical application of Cyclical Capitalization is offered to the office market of the Eastern London.
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We study the persistence and reversion patterns of housing price growth by computing variance ratios applying Kim's (2006) Wild bootstrapping and using finnish data for the period 1987–2010. The momentum effect in housing price growth is found to be long-lasting and substantially greater in size than the eventual reversion. The results indicate that high-order autocorrelations are important concerning the long-horizon attractiveness of housing investments and that housing is a notably riskier asset in the long term than suggested by conventional portfolio analysis. The analysis further shows that the dynamics vary across regional housing markets and across dwelling types. The findings have important implications for investors, credit institutions, and policy makers.
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Price and residential housing attributes have long been identified as key determinants of home sales and, as such, they can explain time-on-the-market (TOM). It is acknowledged, however, that there are other factors (or determinants) that influence home sales and TOM, which are of great importance but seldom taken into account in the appraisal process of residential real estate. Based on the use of fuzzy cognitive mapping, we propose a framework that adds value to the way that key determinants of housing sales and TOM are identified. This framework is the result of a process involving several residential real estate experts (i.e. appraisers and realtors), and follows a constructivist approach. Our findings suggest that the use of fuzzy cognitive maps (FCMs) allows the number of omitted determinants to be reduced and the understanding of the relationships between them to be improved. The strengths and weaknesses of our methodological framework are also discussed.
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The Global Financial Crisis (GFC) in 2008 had a significant impact on the world economy and the construction industry was no exception. This study investigates the major impacts of the 2008 GFC on the Australian construction industry and, in particular how the Australian construction contractors responded to the economic downturn. A total of 35 senior managers from the Top 100 Australian construction companies were interviewed. The findings indicate that construction companies, particularly the large ones were not affected in any significant way but are expecting some difficult financial times over the next few years and are taking actions to minimize the upcoming adverse impacts. The most common strategy adopted by Australian construction contractors is to concentrate on core business while avoiding aimless bidding. Similarly, great focus is placed on retaining human resources in order to maintain the skill set so that the company can respond quickly when market conditions improves. The research findings will provide construction contractors with insights on how to establish and sustain competitive advantages during economic slowdown and become more resilient in the future.
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This study investigates the economic value added (EVA) of 18 major Chinese property companies from 2006 to 2012. We categorize the companies in two ways: 1) companies concentrating on property vs multi-functional companies and 2) state-owned enterprises (SOEs) vs privately-owned enterprises (POEs). We find that on average, the mainland property companies experienced a negative EVA during the period 2006–2012. This is due to the companies undertaking long-term projects, and the companies do not recognize capital gain from property appreciation as income. Hence the EVA of the companies is, in fact, understated. The results also reveal that POEs outperform SOEs in terms of EVA. This reflects the inefficiency of SOEs. This research has two important implications to investors. Firstly, besides looking at the EVA of the companies, investors should also understand the nature of businesses of the companies thoroughly. Secondly, investors investing in emerging markets like China should have a thorough understanding of their market characteristics. This study can act as a reference for future studies in EVA of property companies in other emerging economies in the world.
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In order to mitigate the anticipated oversupply of office space, it is necessary to gauge the preference of office occupiers, namely tenants of purpose built office buildings, since these tenants form the indicator of demand for space. In this study, a multi-criteria decision making method (MCDM) – the Analytic Hierarchy Process (AHP) procedure was employed to analyse the relative importance of the main factors chosen by the main sectors of tenants at top grade office buildings in Kuala Lumpur city centre. This study had identified the elicitation of experts’ opinion and tenants’ selection comprises twenty-six important factors for office occupation in Kuala Lumpur city centre, grouped under four main categories: Location, Lease, Building and Financial/Cost. This study then employed AHP to assess the relative importance placed on each category, revealing the varying patterns of preferences when tested on tenants from three main business sectors occupying top grade office buildings. The findings showed that, between the three sectors (Finance/Banking, ICT & Media and Oil & Gas), differences in preference were only slight for most factors but were significant for a few. The findings from this study are insightful in informing decisions on future office provision, particularly in the context of working towards satisfying office tenants’ requirements.
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Company performance self-assessment (CoPSA), whose fundamental purpose is to provide a check-and-balance mechanism for practice performance through progress-and-performance self-assessment (PaPSa) is yet to be in place in the facilities management industry. Specially needed by facilities service outsourcing firms (FSOFs), CoPSA benefits the top management from organizational introspection of company's own performance. This paper proposes and tests a CoPSA model using a parametric approach. Managers’ perceptions about service delivery performance of their firm are measured using the likert scale and then deduced into a three-equation two-step recursive model. From a total of 207 randomly chosen Malaysian outsourcing firms, sixty responses were obtained. The results indicate that more than half of the sampled managers have envisioned high performance delivery, with 80% achievement as their goal. However, this has not been adequately supported by a coherent firm's internal structure. In view of the finding, the study concludes that the service delivery strategy of small fSofs in Malaysia is perceived to be rather passive.
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