Combining BP with PSO algorithms in weights optimisation and ANNs training for mass appraisal of properties

Purpose: The paper aims to investigate the application of particle swarm optimisation and back propagation in weights optimisation and training of artificial neural networks within the mass appraisal industry and to compare the performance with standalone back propagation, genetic algorithm with back propagation and regression models. Design/methodology/approach: The study utilised linear regression modelling before the semi-log and log-log models with a sample of 3,242 single-family dwellings. This was followed by the hybrid systems in the selection of optimal attribute weights and training of the artificial neural networks. Also, the standalone back propagation algorithm was used for the network training, and finally, the performance of each model was evaluated using accuracy test statistics. Findings: The study found that combining particle swarm optimisation with back propagation in global and local search for attribute weights enhances the predictive accuracy of artificial neural networks. This also enhances transparency of the process, because it shows relative importance of attributes. Research limitations/implications: A robust assessment of the models’ predictive accuracy was inhibited by fewer accuracy test statistics found in the software. The research demonstrates the efficacy of combining two models in the assessment of property values. Originality/value: This work demonstrated the practicability of combining particle swarm optimisation with back propagation algorithms in finding optimal weights and training of the artificial neural networks within the mass appraisal environment.