SEATTLE, Washington and CARTERSVILLE, Georgia (PRWEB) March 02, 2017
Greenfield Advisors is excited to announce that its two principals have been issued their first patent by the United States Patent and Trademark Office (USPTO). The patent, U.S. Patent 9,582,819, is entitled “Automated-valuation-model training-data optimization systems and methods.” The inventors are former Greenfield Advisors employee Andy Krause [currently a Lecturer at the University of Melbourne (Australia)], Clifford A. Lipscomb, and John A. Kilpatrick, both Co-Managing Directors of the firm. The technology covered by the patent is related to the firm’s long history of using sophisticated quantitative tools in its work.
In valuing real estate, predictive models have been used for decades. These predictive models, however, have not been used to go back and optimize the training data sets used in the initial passes of the predictive model. What the patent does is describe a process for optimizing the training data sets used by a predictive model for automatically performing real estate valuations. As stated in the Background of the patent, “there is a need for an improved method of selecting training data to provide more accurate value predictions.”
“Greenfield Advisors, in our 40-year history, has developed significant expertise in predictive modeling. We have applied that expertise to situations where we have been tasked with valuing properties affected by environmental contamination as well as properties underlying residential mortgage backed securities (RMBS),” said Dr. Lipscomb. “What we learned from our predictive modeling efforts is that the underlying data shape our predictive models – some jurisdictions have better data than others. Predictive models must be flexible in using the best available data in each jurisdiction. That reality was one of the reasons we decided to pursue a patent.”
“The rapid popularization of real estate valuation models has led naturally to a demand for increased accuracy, precision, and reliability,” said Dr. Kilpatrick. “We have worked hard to make sure the results from our predictive models, in particular the Greenfield AVM, are state-of-the-art so our clients can be confident they are receiving the best data analyses available.”
About Greenfield Advisors
Founded in 1976, Greenfield Advisors is a boutique economic and financial analysis firm that provides government and private sector clients with customized consultations and advisory services. Best known for its analysis of complex economic, financial, and real estate situations in high-profile litigation matters, Greenfield Advisors also develops feasibility studies, business plans, and appraisals for its clients. Greenfield Advisors’ subsidiary, Bartow Street Capital LLC, serves as its investment banking and capital raising arm, and its subsidiary, Accre LLC, acts as an investment principal. Learn more about Greenfield Advisors by calling 206-623-2935 or visiting http://www.greenfieldadvisors.com.