Method and apparatus for predicting and reporting a real estate value based on a weighted average of predicted values
First Claim
1. A method of predicting a value of a property based on a weighted average of values predicted by at least two prediction models, the method comprising the steps of:
- accessing predicted values, determined by the prediction models, for the property;
determining property-specific proportional prediction error information for the predicted values determined by each of the prediction models, the property-specific proportional prediction error information including a proportional prediction error that is proportional to a value of the property;
assigning a weight to the predicted value determined by each prediction model by using the property-specific proportional prediction error 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.
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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.
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Citations
36 Claims
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1. A method of predicting a value of a property based on a weighted average of values predicted by at least two prediction models, the method comprising the steps of:
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accessing predicted values, determined by the prediction models, for the property;
determining property-specific proportional prediction error information for the predicted values determined by each of the prediction models, the property-specific proportional prediction error information including a proportional prediction error that is proportional to a value of the property;
assigning a weight to the predicted value determined by each prediction model by using the property-specific proportional prediction error 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. - View Dependent Claims (2, 3, 4, 13, 14, 15, 16, 17, 18, 19, 20, 21)
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5. A 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 method comprising the steps of:
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accessing predicted values, determined by the prediction models, for the property;
determining property-specific proportional prediction error information for each predicted value determined by each prediction model, wherein the property-specific proportional prediction error information comprises a proportional prediction error, a correlation coefficient and a standard deviation, wherein the proportional prediction error is proportional to a value of the property, the correlation coefficient is identified by performing a correlation of the proportional prediction error determined for a pair of prediction models and the standard deviation is determined for each prediction model by determining a standard deviation for a set of proportional prediction errors that exist for the model;
assigning a weight to the predicted value determined by each prediction model by using the property-specific proportional prediction error 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 associated with the predicted property value. - View Dependent Claims (6, 7, 8, 9, 10, 11, 34, 35, 36)
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12. A system for predicting the value of a property based on a weighted average of values predicted by at least two prediction models, the system comprises:
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means for accessing predicted values for the property determined by the prediction models and for assigning a weight to the predicted value determined by each prediction model;
means for determining property-specific proportional prediction error information for each predicted value determined by each prediction model, wherein the property-specific proportional prediction error information comprises a proportional prediction error, a correlation coefficient and a standard deviation, wherein the proportional predication error is proportional to a value for the property, the correlation coefficient is identified by performing a correlation of the proportional prediction error determined for a pair of prediction models, and the standard deviation is determined for each prediction model by determining a standard deviation for a set of proportional prediction errors that exist for the model;
means for assigning a weight to the predicted value determined by each prediction model by using the property-specific proportional prediction error information; and
means for 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 associated with the predicted property value. - View Dependent Claims (22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33)
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Specification