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Behavioural biases among real estate investment decision makersHas anyone seen my neo-cortex? I’m sure I left it here somewhere

See on Scoop.itBounded Rationality and Beyond
Abstract: Purpose – To examine whether investors in commercial real estate exhibit some important behavioural biases, namely: anchoring, herding, framing/nudging, loss aversion and over-confidence. If so, are there steps that investors and their agents ( fund managers and advisors) could take (a) to temper the effects of their own biases and (b) to exploit the presence of such biases in other market participants? Design/methodology/approach – Analysis of historic data sources at asset and market levels and over different time periods, with focus on identifying the specific biases listed above, singly and in combination Findings – Understanding of behavioural bias merits greater attention. Research limitations/implications – Reliance on inferences from historic data Practical implications – May help develop clearer understanding of market drivers and improved decision-making for market participants. Originality/value – New research within the real estate industry that could help investors understand the highly cyclical nature of commercial real estate investment markets Keywords: behavioural biases – anchoring – herding – framing – loss aversion – over-confidence Article Classification: Viewpoint

 

See on architexturez.net



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