"A heuristic approach"???

[Kenny]

Hi,

Could someone please explain what this means?



Value of your Domain ( "a heuristic approach" ):
ƒ(I, ... ,V)= 51%

Thanks,kp

 

[Jeff]

Hi,

Could someone please explain what this means?



Value of your Domain ( "a heuristic approach" ):
ƒ(I, ... ,V)= 51%

Thanks,kp

Do you mean ... the appraisals (in the "Appraisals Forum") given by fellow member, Maestrus? :talk:

 

[Kenny]

Yea, Jeff.

How does that work?

Thanks,kp

 

[Jeff]

How does that work?

Easy as pie! :p
Link: http://www.useit.com/papers/heuristic/heuristic_evaluation.html

 

[Kenny]

Ohhhh yea,

Of course, simple. :lol:

What was I thinking?

Really though, is this a viable formula for appraising DN's?

Not that I'll ever get past the first paragraph without brain freeze.

Peace,kp

 

[Mark]

Oh that "heuristic" - Oh yeah ..... lol ~

 

[Badger]

as the great master himself says

To Whom It May Concern


Maestrus, a pseudonym in this Forum, is a person who has been in the computer arena for quite a while and has higher education degrees in Information Technology fields. Since September 1999, Maestrus has been using a proprietary valuation model, which follows a heuristic approach, in order to come up with a realistic and honest Domain appraisal. Maestrus worked for 13 years as a college professor in the area of Operations Research and Stochastic Processes; for this motive, he enjoys valuating Domain names as one of his hobbies.

The purpose of providing Domain valuations in this great Forum - also in another dn board, is for an educational reason. In addition, we try to minimize or filter the subjectivity in the appraisal process.

.. Maestrus (LV, Sept. 8 2004)

which, to the rest of us means....

Maestrus X (1n-5an-1ty) + (th3-ra-py) = :lol:

I personally think he rules............ :blink:

 

[Maestrus]

My Fellow Pros,

When we state "a heuristic approach" in our Domain appraisal model, we are meaning to find a 'value' ('solution') to a Domain name using a non conventional way ('approach') to solve difficult problems ('a price').

"Heuristic approach" is art and science combined, which arises when there is not exist a deterministic and mathematical way available to solve the problematic situation. "Heuristic approach" is not an algorithm itself, is not an "invariant procedure", is an own person guideline employing his experience dealing with problems, and employing scientific tools.

Thank you everybody !

.. Regards, Maestrus. :wave:


PS: Some information about the term 'Heuristic'.

From Wikipedia, the free encyclopedia.

Heuristic is the art and science of discovery and invention. The word comes from the same Greek root as "eureka," meaning "to find". A heuristic for a given problem is a way of directing your attention fruitfully to a solution. It is different from an algorithm in that it merely serves as a rule of thumb or guideline, as opposed to an invariant procedure. Heuristics may not always achieve the desired outcome, but can be extremely valuable to problem-solving processes. Good heuristics can dramatically reduce the time required to solve a problem by eliminating the need to consider unlikely possibilities or irrelevant states.

The mathematician George Polya popularised heuristics in the twentieth century in his book How to Solve It. He was motivated by his experiences in Mathematics education where students are taught mathematical proofs, without learning techniques to formulate proofs themselves. How to Solve It is a collection of ideas about heuristics that he taught to math students: ways of looking at problems and casting about for solutions that often give results very quickly.

Psychology

In psychology, heuristics are simple, efficient rules of thumb that people use to make decisions, typically when facing complex problems or incomplete information. These rules work well under most circumstances, but in certain cases lead to systematic cognitive biases.

For instance, people may tend to perceive more expensive beers as tasting better than inexpensive ones. This finding holds even when prices and brands are switched; putting the high price on the normally relatively inexpensive brand is enough to lead experimental participants to perceive that beer as tasting better than the beer that is normally relatively expensive. One might call this "price implies quality" bias.

Much of the work of discovering heuristics in human decision makers was ignited by Amos Tversky and Daniel Kahneman, who shared an important influence on behavioral finance.

Computer Science

In computer science, a heuristic is a technique designed to solve a problem that ignores whether the solution is provably correct, but which usually produces a good solution or solves a simpler problem that contains or intersects with the solution of the more complex problem.

Heuristics are intended to gain computational performance or conceptual simplicity potentially at the cost of accuracy or precision.

 

[Kenny]

Thank you Maestrus.

With one answer you have created more questions.

I have visited your website and would like to know if you have developed a proggy to appraise or are they done by you or your staff personally?

If by proggy, does it consistantly match your personal evaluation?

Have the appraisals using this method matched approx what the DN's finally sold for?

Please show examples if possible.
You can be sure the answers to these questions will only generate more questions.

Peace, kp

 

[Maestrus]

Fellow Pro,

Obviously, we are not going to show how this "heuristic approach" was developed and how we came up with particular parameters for the variables in this model. However, we do not have any constraint to answer your questions.

Our appraisal process is done personally, with some steps using conventional software and mathematical tools. In fact, one of our sons, who is a junior student of Economics, understands the approach, follows the guidelines and, eventually, can produce the final results for a given Domain name. He never asks me, How you did that?; the explanation maybe is going to be a bit longer.

Finally, as documentation of the 'validation' of the approach, we present ten appraisals (random selection from a set of one hundred appraisals) and the corresponding final Domain sales:

(we show only the characters without the extension, for Privacy)
Domain Name Appraisal(US$) Final Sale(US$)

xxxxxxxxx 130,673 150,000
xxxxxx 69,231 40,000
xxxxxx 36,679 40,000
xxxx 62,276 35,000
xxxxxxxxxxx 26,698 31,950
xxxxx 21,603 15,000
xxxxxxxxxx 2,338 5,500
xxxxxxxx 3,213 4,200
xxxxxxxxxxxxxxx 1,114 2,150
xxxxxxxxxxx 7,494 2,000

Ok, that is all we can say here about our proprietary valuation model. Thanks,

.. Maestrus :wave:

Thank you Maestrus.

With one answer you have created more questions.

I have visited your website and would like to know if you have developed a proggy to appraise or are they done by you or your staff personally?

If by proggy, does it consistantly match your personal evaluation?

Have the appraisals using this method matched approx what the DN's finally sold for?

Please show examples if possible.
You can be sure the answers to these questions will only generate more questions.

Peace, kp

 

[redhippo]

Thank you Maestrus. for a very informative explaination of domain valuation the "H" way!!

 

[Badger]

So basically, what your saying is, you blindfold yourself, turn around 3 times and then pin your heuristic approach somewhere near to the tail area on paper donkey thats stuck to the wall??

Am i right??

Just kidding man, Id much rather read that your approach has a degree of reasoning behind it rather than continually read appraisals from ill informed individuals (who just happen to like giving appraisals) and where theyre basis for appraising is simply down to whether or not they like the word...

Keep it up Bro!

 

[Maestrus]

Thank You my Fellow Pros.

I appreciate your questions, opinions and words of encouragement. We are people of open minds, but very secure in what we have in our hands.

There are many companies and individuals who offer their services appraising Domain names, they have their own methodologies and models; however, one thing is visible to our eyes, only Appreciator.com, Maestrus in this and other forum, is sharing his thoughts in an open environment like this board.

Thanks again. The best whishes to you all in this exciting business: Web Addresses!

.. Maestrus
Happy 8^X

 

[Kenny]

Maestrus~

Sir, I beg you understand those were questions of wonder and not of doubt.

The numbers you posted, and I believe fully that they were picked at random, are to say the least... IMPRESSIVE. As I thought they might.

Nor did I expect a specific formula~solution. One does not open such treasures of the mind haphazardly as it tends to blind those of us who can't see from where it's true beauty derives, not from the Gold, but from its Glimmer.

Thank you for the lesson in the simplest of all the arts, mathematics.

Peace, kp