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Paper eres2015_105:
Behavioural biases among real estate investment decision makersHas anyone seen my neo-cortex? Im sure I left it here somewhere.

id eres2015_105
authors Ryan, Stephen; Matthew Richardson
year 2015
title Behavioural biases among real estate investment decision makersHas anyone seen my neo-cortex? Im sure I left it here somewhere.
source 22nd Annual European Real Estate Society Conference in Istanbul, Turkey
summary 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_
keywords Anchoring, Loss aversion, Herding, Over-confidence, Framing
series ERES:conference
type paper session
email stephen.p.ryan@mercer.com
content file.ppt (1,534,970 bytes)
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ratings
session Real Estate Finance & Investment
last changed 2015/07/08 18:06
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