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  • Author: Radosław Wiśniewski x
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Antoni Kozioł and Radosław Wiśniewski

Optimization of the quintic equation of the state based model for the calculations of different thermodynamic properties

Different thermodynamic properties (the vapour density, the liquid density and the saturation pressure) were calculated by the model based on the Nakamura-Breedveld-Prausnitz equation of state (NBP EOS). Since the original form of the NBP EOS often generates inaccurate results for liquids, it was modified to describe this phase better. The calculations were realized in the subcritical region. So far, the temperature-dependent NBP EOS parameters have been obtained by special correlations. Their constants were fitted to a lot of experimental data. In this paper the equation of state temperature-dependent parameters were obtained by a new method which was based at piecewise cubic Hermite interpolating polynomials (PCHIPs). In the proposed method some experimental data (called the key ones) were used, thus reducing the experimental effort. Seven substances were chosen for the test calculations. Each of them is common in industry. The calculation results were compared with the experimental data. The new method has made an accurate description of vapour-liquid equilibrium for the considered pure substances over a wide temperature range possible.

Open access

Małgorzata Renigier-Biłozor and Radosław Wiśniewski

The Effectiveness of Real Estate Market Versus Efficiency of Its Participants

Real estate markets (REMs) may be classified as strong-form efficient, semi-strong-form efficient or weak-form efficient. Efficiency measures the level of development or goal attainment in a complex social and economic system, such as the real estate market. The efficiency of the real estate market is the individual participant's ability to achieve the set goals. The number of goals is equivalent to the number of participants. Every market participant has a set of specific efficiency benchmarks which can be identified and described. In line with the theory of rational expectations, every participant should make decisions in a rational manner by relying on all available information to make the optimal forecast. The effectiveness of the real estate market is a function of the efficiency of individual market participants.

This paper attempts to prove the following hypothesis: the effectiveness of a real estate market may be identified by analysing the effectiveness of its participants. The authors also discuss methods based on the rough set theory which can influence the efficiency and efficacy of market participants, and consequently, the effectiveness of the real estate market and its participants.

Open access

Justyna Brzezicka and Radoslaw Wisniewski

Abstract

The article pertains to the issue of subject translocality on the real estate market and indicates the scope of its practical application connected with determining the level of the economic development of voivodeships. The issue of real estate market subject translocality was analyzed on the basis of a review of literature connected with the locality of the real estate market in its subject plane, as well as by setting apart a category referring to the subject plane of the real estate market. The work is of an empirical nature. In this part, coefficients of real estate market subject translocality were used in order to assess the level of development of individual voivodeships. Cluster analysis was also used in order to establish the groups of voivodeships similar in terms of the level of real estate market subject translocality.

Open access

Oksana Kuryj-Wysocka and Radosław Wiśniewski

Abstract

In the economic theory, competition is considered to be a fundamental principle of the free market. Due to the competition, customers get lower prices, better service quality, more and more choices. The competition in the real estate market is a very important factor in its development. Buying or selling real estate is often one of the most important financial transactions, which require the purchaser. With the reference to the above, the participants of the real estate market need to analyse a number of transactions and do a detailed understanding of the market before making a decision and finding a deal that meets all the expectations which will not be diverging significantly from remaining offers functioning in the given area of the market. The phenomenon of competition is very advantageous for buyers of a real estate, because it shows a wide range of various possibilities which one should consider before making a final choice.

Times of crisis trigger a tendency of the growing competition in the property market, what results in a decrease in real estate prices. This article brings up the issue of price and non-price competition on the real estate market and the influence which it exerts on the decision of the purchaser. The aim of this paper is to present the phenomenon of the competition at three levels (levels), by examining what relationship occurs between the entities functioning on the market, what occurs between entities and objects, and how the entities, i.e. individual real estate, compete with each other. This study will be conducted with methods of statistical analysis of the market, however Herfindahl-Hirschman Index will be used to measure competition on the local real estate market.

Open access

Aneta Cichulska and Radosław Wisniewski

Abstract

Any attempt to explicitly define the property market involves an interdisciplinary approach. Commonly applied notions referring to the genesis of risk in the area of medicine, humanities and, in particular, social and other sciences, have a significant impact on the strictly technical definition. The juxtaposition of the established definitions concerning the phenomenon of risk is an attempt to refer their types and risk factors to the extensive subject area of risk concerning the property market itself. In the future, this may contribute to the development of new risk analysis methods or methods of determining its probability and, therefore, levelling the effect of uncertainty in developing real estate management processes. The aim of the paper is to carry out a review of literature for a deeper analysis of this issue.

Open access

Małgorzata Renigier-Biłozor and Radosław Wiśniewski

Abstract

Rating systems developed in Poland and other countries are generally used to evaluate the performance of businesses, organizations, institutions and even entire economies. Comprehensive solutions for assessing real estate markets and individual properties have never been proposed (several systems for evaluating mostly commercial real estate have been developed). This deficiency could be attributed to an absence of databases describing the real estate market and market changes as well as a shortage of coherent methods for analyzing real estate markets. In most cases, however, market phenomena may be difficult to classify because they involve behavioral, social and stochastic elements.

This article analyzes the existing systems for rating and ranking markets in different Polish regions and cities. They were compared with information about the classification of real estate markets on the example of selected property markets in Poland. Selected categories were evaluated to determine whether rating methods for real estate markets, including housing markets, should be developed for different Polish cities and regions. The growth potential of local real estate markets was also analyzed.

Open access

Justyna Brzezicka and Radoslaw Wisniewski

Abstract

Various market behaviors can be characterized as risky or uncertain, thus their observation is important to the real estate market system. The extensive use of behavioral factors facilitates their implementation and studies in relation to the real estate market system. The behavioral approach has established its own instrumentation which enables elements of risk and uncertainty to be quantified.

The belief that behavioral determinants connected with risk and uncertainty occur in the real estate market system (REMS) is the research hypothesis of the present paper which aims to:

1) analyze risk and uncertainty in the REM system using the behavioral approach,

2) identify and systematize behavioral determinants of risk and uncertainly shaping the REM,

3) develop a methodology for measuring behavioral determinants of risk and uncertainty in the REM,

4) present the significance of behavioral determinants of risk and uncertainty on the example of the Olsztyn REM.

The aims were realized by means of a laboratory experiment conducted on a representative sample, as well as through the statistical verification of the obtained results. The article builds on current knowledge regarding the mechanisms of how the REM operates by introducing new issues connected with the behavioral approach to the topic of risk and uncertainty.

Open access

Małgorzata Renigier-Biłozor and Radosław Wiśniewski

Abstract

This paper aims to determine the influence of selected variables on residential property price indices for the European countries, with particular attention paid to Italy and Poland, using a rough set theory and an approach that uses a committee of artificial neural networks. Additionally, the overall analysis for each European country is presented.

Quarterly time series data constituted the material for testing and empirical results. The developed models show that the economic and financial situation of European countries affects residential property markets. Residential property markets are connected, despite the fact that they are situated in different parts of Europe.

The economic and financial crisis of countries has variable influence on prices of real estate. The results also suggest that methodology based on the rough set theory and a committee of artificial neural networks has the ability to learn, generalize, and converge the residential property prices index.

Open access

Justyna Brzezicka and Radosław Wisniewski

Abstract

The article pertains to the topic of speculative price bubbles which arise in the real estate market. The individual parts of the article deal with the connection between the price bubble in the American real estate market and the global economic crisis, defining the concept of a price bubble with regard to the behaviors of market participants, providing a description of the environment generating price bubbles, and systematizing the reasons behind the formation of price bubbles. The analysis of behavioral aspects accompanying the existence of a price bubble is a key issue. The assumed considerations indicate that the housing price bubble could not exist in the real estate market (REM) if its formation was not accompanied by behavioral aspects. These aspects include, among others, giving in to temptations and emotions, limited rationalism, herd behavior, and seeking to make profits in a short amount of time at the expense of long-term negative consequences. The nature of these deliberations is theoretical.

Open access

Justyna Brzezicka and Radosław Wiśniewski

Abstract

Social and economic phenomena that rely on "soft" factors to explain the market reality supply highly valuable observations. Behavioral elements should not be omitted in analyses of the real estate market because the latest developments in behavioral sciences significantly contribute to our understanding of this market.

The popularity of behavioral research in social and economic sciences provokes an examination of the significance of behavioral analyses on the real estate market. As an object of social and economic inquiry, the property market can benefit from recent achievements in behavioral sciences which expand the explanatory potential of studies based on the neoclassical model.

This paper analyzes calendar anomalies, generally referred to as calendar effects, on the real estate market. This phenomenon has been observed on the capital market and has been investigated and described by behavioral finance. The research hypothesis tested in this study is that calendar effects are present on the real estate market.

This paper aims to:

1) review calendar effects as model phenomena on the real estate market,

2) determine whether calendar effects occur on the real estate market and, if so, identify those anomalies,

3) determine whether and to what extent the real estate market is governed by seasonal diversity,

4) explain the significance of calendar effects to the real estate market. Research goals were pursued based on analyses of real estate transactions conducted in Olsztyn between 2004 and 2011.