Method and apparatus for predicting and reporting a real estate value based on a weighted average of predicted values
US7305328B1 · kind B1 · utility
Assignee
Inventors
Key dates
| Filing date | Oct 29, 2004 |
| Grant date | Dec 4, 2007 |
| Priority date | — |
| Expiry date | Oct 29, 2024 |
Classification
- Technology area (CPC G)Physics
- CPC primaryG06Q40/00
- WIPO fieldIT methods for management
- WIPO sectorElectrical engineering
Abstract
A system and method of accurately predicting and reporting a value of a property based on a weighted average of values predicted by at least two prediction models. The system and method include the steps of accessing predicted values, determined by the prediction models, for the property; determining property-specific proportional prediction error distribution information for each predicted value determined by each prediction model; assigning a weight to the predicted value determined by each prediction model by using the property-specific proportional prediction error distribution information; and generating a property-specific weighted average value based on combination of the weight and the predicted value determined by each prediction model and reporting the property-specific weighted average value to minimize prediction error during prediction of the property value.
Source: USPTO / EPO open patent data. Objective bibliographic and citation counts.