Paper Info
Title
A numerical method of evaluating brownfields using fuzzy boundaries and fuzzy real options
Abstract
A numerical technique for evaluating brownfields is proposed. The method is based on the representation of redevelopment strategies using fuzzy real options, which can be evaluated using an extended Least Squares Monte-Carlo (LSM) simulation. By employing a fuzzy boundary to represent the contaminated region of a brownfield, the parameters of various options for redevelopment can be estimated. Beginning with expert judgments on multiple factors at different locations, a decision support system can map a possibly polluted area using fuzzy real option parameters determined according to an ordered weighted averaging (OWA) technique. The results can be input directly into a decision process. A particular advantage of extended LSM lies in its ability to produce results whether or not an analytic solution exists, making fuzzy real options very widely applicable to brownfield development pricing.
Year
DOI
Venue
2010
10.1109/ICSMC.2010.5641944
SMC
Keywords
Field
DocType
private risk,fuzzy set theory,hybrid variable,hybrid process,brownfield redevelopment,fuzzy boundary,fuzzy real options,multi-criteria decision making,least squares monte carlo simulation (lsm),extended least squares monte-carlo simulation,decision support systems,decision support system,monte carlo methods,investment,ordered weighted averaging (owa),ordered weighted averaging,brownfield development pricing,pricing,project evaluation,monte carlo,numerical method,analytic solution,pollution,estimation
Monte Carlo method,Mathematical optimization,Fuzzy set operations,Redevelopment,Computer science,Fuzzy logic,Decision support system,Brownfield,Fuzzy set,Numerical analysis
Conference
ISSN
ISBN
Citations 
1062-922X
978-1-4244-6586-6
0
PageRank 
References 
Authors
0.34
6
3
Name
Order
Citations
PageRank
Qian Wang100.34
K. W. Hipel2812116.70
D. Marc Kilgour357170.61