Download or read book Behavioral Economics in Real Estate Auction Processes written by Serge Koch and published by . This book was released on 2018 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This master's thesis provides an in-depth insight into each aspect of behavioral biases in the real estate market environment and bidding behavioral effects in particular through analyzing its underlying implications based on theoretical considerations, regression analysis founded on a comprehensive survey as well as a meta-analysis. It aims to establish a theoretical baseline of real estate auctions along with fundamental aspects of behavioral economics and, in a second step, to give a compelling comparison between auctions and negotiated sales of real estate. Based on his earlier analysis, the author tries to identify relevant market implications and effects with respect to the real estate market and fundamental aspects of behavioral economics followed by a thorough conclusion recapitalizing the overall working process of this paper. The results show that in the real estate market investors do not seem to act rational, nor are their misconducts uncorrelated. This thesis does thus greatly challenges the foundations of market efficiency due to the existence of behavioral biases.
Download or read book Interests and Behaviours of Real Estate Market Actors in Commercial Property Valuation written by Alina Nichiforeanu and published by Routledge. This book was released on 2020-07-26 with total page 121 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is a theory-led conceptual account of the Principal-Agent problem and related concepts of Behavioural Real Estate economics, a decade after the real estate crisis of 2008. Data from 52 qualitative interviews undertaken with appraisers, real estate brokers, and property owners is used to argue that the reality is more nuanced and influenced by the interests of the different real estate market actors. The book provides a sketch of the relationship dynamics between real estate investors and service providers in the markets of Austria and Central and Eastern Europe. While the investors manage real estate portfolios and have to deal with particular legal systems, regulations, and norms, they often appoint service providers who have a comprehensive understanding of the local context. This work aims to highlight that this relationship between the real estate market actors creates an information asymmetry that may constitute the basis of conflicts of interest as well as Principal-Agent problems. Furthermore, the work underlines that the services provided by appraisers and real estate brokers to investors may strongly influence the profit the investor can generate from a transaction. It could be therefore inferred that the investor inclines towards a certain type of result from a service provider over the others. The present research has revealed that the investors are guided by certain interests and undertake to steer the service providers in a favoured direction. This book is essential reading for anyone interested in the nuances of Behavioural Economics and real estate.
Download or read book Advances in Behavioral Economics written by Colin F. Camerer and published by Princeton University Press. This book was released on 2011-12-12 with total page 769 pages. Available in PDF, EPUB and Kindle. Book excerpt: Twenty years ago, behavioral economics did not exist as a field. Most economists were deeply skeptical--even antagonistic--toward the idea of importing insights from psychology into their field. Today, behavioral economics has become virtually mainstream. It is well represented in prominent journals and top economics departments, and behavioral economists, including several contributors to this volume, have garnered some of the most prestigious awards in the profession. This book assembles the most important papers on behavioral economics published since around 1990. Among the 25 articles are many that update and extend earlier foundational contributions, as well as cutting-edge papers that break new theoretical and empirical ground. Advances in Behavioral Economics will serve as the definitive one-volume resource for those who want to familiarize themselves with the new field or keep up-to-date with the latest developments. It will not only be a core text for students, but will be consulted widely by professional economists, as well as psychologists and social scientists with an interest in how behavioral insights are being applied in economics. The articles, which follow Colin Camerer and George Loewenstein's introduction, are by the editors, George A. Akerlof, Linda Babcock, Shlomo Benartzi, Vincent P. Crawford, Peter Diamond, Ernst Fehr, Robert H. Frank, Shane Frederick, Simon Gächter, David Genesove, Itzhak Gilboa, Uri Gneezy, Robert M. Hutchens, Daniel Kahneman, Jack L. Knetsch, David Laibson, Christopher Mayer, Terrance Odean, Ted O'Donoghue, Aldo Rustichini, David Schmeidler, Klaus M. Schmidt, Eldar Shafir, Hersh M. Shefrin, Chris Starmer, Richard H. Thaler, Amos Tversky, and Janet L. Yellen.
Download or read book Sold written by Stephen John Martin and published by . This book was released on 2005 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt: A nostalgic look at days when-- making a living demanded ingenuity as well as hard work; life, devoid of today's electronic media bombardment, was simple; and entertainment was derived from simple pleasures; family life was close-knit and relationships cherished; simple gifts were appreciated; parents practiced discipline; the Generation Gap had not been discovered; education was taken seriously; friendships endured; moral values were taught at home; value was placed on handmade things; authority was respected; reading was not a lost art; consciences were heeded.
Download or read book Behavioral Economics written by Brandon Lehr and published by Routledge. This book was released on 2021-08-16 with total page 543 pages. Available in PDF, EPUB and Kindle. Book excerpt: Behavioral Economics: Evidence, Theory, and Welfare provides an engaging and accessible introduction to the motivating questions, real-world evidence, theoretical models, and welfare implications of behavioral economics concepts. Applications and examples — from household decisions, finance, public finance, labor, business, health, development, politics, education, energy, and sports — illustrate the broad relevance of behavioral economics for consumers, firms, markets, and policy makers alike. This textbook provides readers with both the intuition and analytical tools to apply behavioral economics concepts in understanding the complex social world. Each part of the book covers a key concept, beginning with a range of empirical evidence that is anomalous within the standard economics framework. In light of this evidence, a second chapter introduces and applies a nonstandard behavioral modeling approach. The last chapter of each part explores market reactions and policy responses to individuals behaving in nonstandard ways. Numerous exercises of varying types and levels provide readers the opportunity to check and enrich their understanding. The book’s clear structure orients readers to the many concepts of behavioral economics. It also highlights the process by which economists evaluate evidence and disentangle theories with different social welfare implications. Accessible to students from diverse economic backgrounds, this textbook is an ideal resource for courses on behavioural economics, experimental economics and related areas. The accompanying Solutions Manual further extends learning and engagement.
Download or read book Behavioral Economics written by Edward Cartwright and published by Taylor & Francis. This book was released on 2023-12-15 with total page 668 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the last few decades behavioral economics has revolutionized the discipline. It has done so by putting the human back into economics, by recognizing that people sometimes make mistakes, care about others and are generally not as cold and calculating as economists have traditionally assumed. The results have been exciting and fascinating, and have fundamentally changed the way we look at economic behavior. This textbook introduces all the key results and insights of behavioral economics to a student audience. Ideas such as mental accounting, prospect theory, present bias, inequality aversion and learning are explained in detail. These ideas are also applied in diverse settings, such as auctions, stock market crashes, charitable donations and health care, to show why behavioral economics is crucial to understanding the world around us. Consideration is also given to what makes people happy, and how we can potentially nudge people to be happier. This new edition contains expanded and updated coverage of several topics and applications, including fraud and cybercrime, cryptocurrency, public health messaging, and the COVID-19 pandemic. The companion website is also updated with a range of new questions and worked examples. This book remains the ideal introduction to behavioral economics for advanced undergraduate and graduate students.
Download or read book Putting Auction Theory to Work written by Paul Milgrom and published by Cambridge University Press. This book was released on 2004-01-12 with total page 378 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a comprehensive introduction to modern auction theory and its important new applications. It is written by a leading economic theorist whose suggestions guided the creation of the new spectrum auction designs. Aimed at graduate students and professionals in economics, the book gives the most up-to-date treatments of both traditional theories of 'optimal auctions' and newer theories of multi-unit auctions and package auctions, and shows by example how these theories are used. The analysis explores the limitations of prominent older designs, such as the Vickrey auction design, and evaluates the practical responses to those limitations. It explores the tension between the traditional theory of auctions with a fixed set of bidders, in which the seller seeks to squeeze as much revenue as possible from the fixed set, and the theory of auctions with endogenous entry, in which bidder profits must be respected to encourage participation.
Download or read book Handbook of Research Methods in Behavioural Economics written by Morris Altman and published by Edward Elgar Publishing. This book was released on 2023-03-02 with total page 533 pages. Available in PDF, EPUB and Kindle. Book excerpt: This comprehensive Handbook addresses a wide variety of methodological approaches adopted and developed by behavioural economists, exploring the implications of such innovations for analysis and policy.
Download or read book Auction Strategies for Real World Markets written by Joseph Uri Podwol and published by . This book was released on 2011 with total page 189 pages. Available in PDF, EPUB and Kindle. Book excerpt: The theoretical and empirical study of auctions is of importance to economists as it provides unique insights into the behaviors and decision-making processes involved in the setting of prices that are otherwise unobserved in traditional fixed price sales. The papers in this dissertation look at observed outcomes from real world auctions and draw inferences as to the underlying economic behavior. The first paper examines the practice of auctioneers "fishing" for an opening bid by calling out lower and lower amounts until an opening bid is eventually proffered. I incorporate such a tactic into an auctioneer's strategy set within a game-theoretic model in which an indivisible good is sold via English ascending-price auction by a seller or auctioneer that cannot commit to a predetermined sequence of starting prices in advance. The analysis departs from previous literature by showing that the English auction is not strategically equivalent to the second-price auction within the dynamic setting. This difference has implications for the optimal starting price path, giving rise to an initial starting price consistent with the Coase conjecture. Additional price dynamics resembling "auction fever" are rationalized within this rational framework. In the second paper, I, along with a co-author, investigate theories of non-standard preferences and irrational bidding that have been used to explain the behavior of bidders in auctions online. We test these theories using data from a field experiment that we ran on eBay and supplemented with an observational dataset we collected from eBay. We find little evidence that several of these behavioral mechanisms are important in the field, and instead find behavior consistent with a standard rational model. The third paper examines the practice of shill bidding, whereby a seller in an online auction bids on his own item. To incorporate shill bidding into a seller's strategy set, I model the sale of a common value item via auction where some proportion of potential buyers have superior information and some proportion of potential sellers participate in the market only for the purpose of fraudulent selling. The model establishes the conditions under which shill bidding is supported in equilibrium.
Download or read book Behavioral Economic Theory Explains Property Market Behaviors written by Johnny Ch Lok and published by . This book was released on 2020-02 with total page 104 pages. Available in PDF, EPUB and Kindle. Book excerpt: Property market demand and supply viewHow can demand and supply determine property market price ? Property price is arrived at by the interaction between house buyers demand and property developers' houses number supply. Property price is dependent upon the house design and environment and facilities characteristics of both these fundamental components of a property market. Any properties demand and supply represent the willingness of house consumers and property developers to engage in properties buyers buying needs or desires. An exchange of a house purchasetakes place when properties buyers and properties sellers can agree upon a agreed property price. This module will look at property price in a competitive market. When imperfect property market competition exists such as with a property developer monopoly or single peoperty selling firm, property price outcomes may not follow the same general rules.Equilibrium Price in property marketWhen a property exchange occurs, the agreed upon price is called an "equilibrium" property price, or a "market clearing" price. This equilibrium property price occurs at the intersection of house demand and house supply as presented are in balance at the moment in property market short time, e.g. one month.Property price determination depends equally on the moment house buyers' living demand and the moment house number supply. It is truly a balance of the two market components. To see why the balance must occur, examine what happens when there is no balance, for example when the moment property market price is below than the past property market price, the property quantity demanded is greater than the property quantity supplied. In such a situation, property consumers would be clamouring for a property that property developers would not be willing to supply; a property shortage would exist. In this event, property consumers would choose to pay a higher price in order to get the property they want, while property developers would be encouraged by a higher price to bring more of the properties onto the property market.The end result is a rise in property price, when the moment has many proprety buyers feel living desire needs. where the property supply and demand are in balance. Similarly, if a property price is above were chosen arbitrarily the property market would be in shortage properties are supplied, too less properties supply are relative to high living desire demand. If that were to happen, properties developers would be willing to take a higher price in order to sell, and property consumers would be induced by higher prices to increase their property purchases desire, because they feel afraid that there will have less properties to be supplied to sell later and their prices will continue to raise in long time. Hence, a property market price is not necessarily a fair price, it is merely an outcome. It does not guarantee total living satisfaction on the part of house buyer and property seller. Typically some assumptions about the behaviour of property buyers and property sellers are made, which add a sense of reason to a property market price.
Download or read book Experimental Auctions Methods and Applications in Economic and Marketing Research written by Jayson Lusk and published by . This book was released on 2014-05-14 with total page 318 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economists, psychologists, and marketers are interested in determining the monetary value people place on non-market goods for a variety of reasons: to carry out cost-benefit analysis, to determine the welfare effects of technological innovation or public policy, to forecast new product success, and to understand individual and consumer behavior. Unfortunately, many currently available techniques for eliciting individuals' values suffer from a serious problem in that they involve asking individuals hypothetical questions about intended behavior. Experimental auctions circumvent this problem because they involve individuals exchanging real money for real goods in an active market. This represents a promising means for eliciting non-market values. Lusk and Shogren provide a comprehensive guide to the theory and practice of experimental auctions. It will be a valuable resource to graduate students, practitioners and researchers concerned with the design and utilization of experimental auctions in applied economic and marketing research.
Download or read book Understanding Auctions written by Asunción Mochón and published by Springer. This book was released on 2016-09-10 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In recent years, auctions have become an important field and many markets have designed new and sophisticated auction models to assign different types of items. The prime goal of this book is to set an organized classification of the main auction mechanisms in a way that readers can understand the importance of auction design and the advantages and drawbacks of each model. Given the relevance of the subject, there is a great volume of research about this topic. Nevertheless, most of these contributions use complex mathematical language difficult to understand for the average reader. In this book, the authors summarize the main ideas of the auction theory and explain them with simple language and plenty of examples. This book is a good starting point for any researcher interested in embracing the auction design as it also includes numerous real-world examples to engage the reader in the topic. “This book fills an important gap by making the main ideas and findings of auction research accessible.” Professor Paul Milgrom, Department of Economics, Stanford University.
Download or read book Internet Auctions written by Ernan Haruvy and published by Now Publishers Inc. This book was released on 2010 with total page 87 pages. Available in PDF, EPUB and Kindle. Book excerpt: Internet Auctions reviews recent empirical and theoretical works on internet auctions with a focus on internet auction design, formats, and features that are currently debated in the marketing literature.
Download or read book Bounded Rationality and Behavioural Economics written by Graham Mallard and published by Routledge. This book was released on 2015-08-14 with total page 143 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economics Nobel Laureate Herbert Simon developed the concept of bounded rationality in the 1950s. This asserts that the cognitive abilities of human decision-makers are not always sufficient to find optimal solutions to complex real-life problems, leading decision-makers to find satisfactory, sub-optimal outcomes. This was a foundational component of the development of Behavioural Economics but in recent years the two fields have diverged, each with its own literature, its own approach and its own proponents. Behavioural Economics explores the areas of commonality between Economics and Psychology, in terms of its focus and its approach, whereas the bounded rationality literature largely analyses the implications of sub-optimal decision‐making through the mathematically sophisticated methodology of mainstream Economics. This book examines the nature and consequences of this divergence and questions whether this is a case of beneficial specialisation or whether it is unhelpful, potentially stunting the development of some aspects of Economics. It has been suggested that the major deficiency of Behavioural Economics is that it has failed to produce a single, widely applicable alternative to constrained optimisation. This book evaluates the extent to which this is the true and, if it is, the extent to which it is a product of the divergence between the two literatures. It also seeks to identify commonalities between the two subjects and suggests avenues of research in Economics that would benefit from a re-fusion of these two fields.
Download or read book Behavioral Economics of Internet Auctions written by Jens-Martin Bramsen and published by . This book was released on 2008 with total page 114 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Handbook of Behavioral Industrial Organization written by Victor J. Tremblay and published by Edward Elgar Publishing. This book was released on 2018 with total page 483 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Handbook of Behavioral Industrial Organization integrates behavioral economics into industrial organization. Chapters cover concepts such as relative thinking, salience, shrouded attributes, cognitive dissonance, motivated reasoning, confirmation bias, overconfidence, status quo bias, social cooperation and identity. Additional chapters consider industry issues, such as sports and gambling industries, neuroeconomic studies of brands and advertising, and behavioral antitrust law. The Handbook features a wide array of methods (literature surveys, experimental and econometric research, and theoretical modelling), facilitating accessibility to a wide audience.
Download or read book Real Estate Dangers and How to Avoid Them written by Andrew Trim and published by John Wiley & Sons. This book was released on 2019-02-19 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt: Essential information for anyone with property Real Estate Dangers and How to Avoid Them is a must-read guide for anyone thinking of buying or selling property, or becoming a landlord. Whether you’re looking for your dream home, to sell a property, or to invest, flip or rent out an existing investment, this book is packed with the insider information you need to avoid getting ripped off. By shining a light on the flawed and unnecessary aspects of the real estate industry, this book will help you make smarter decisions based on knowledge rather than “advice,” saving you time, money and headache. Stories of those who have seen the dangers highlight the ways in which this outdated system takes advantage of first-timers and experienced investors alike—and expert guidance shows you how to steer clear of the traps and pitfalls lurking around every transaction. Nearly everyone will have their hands in real estate at some point, and the real estate industry can be intimidating—after all, you rarely make financial transactions this large. But the truth is that the industry can be quite simple and can go quite smoothly, if you eliminate the distractions and focus on making smart decisions. This book shows you the real truth about the industry, helping you: Avoid the traps that rip off buyers and sellers Make smart decisions, minimise financial risk and let the system work for you Identify unnecessary add-ons and bogus charges Learn the tricks of the trade so you can save your money Become a smarter landlord and attract quality tenants. With clear, no-nonsense advice for buyers, sellers, landlords, and flippers, Real Estate Dangers and How to Avoid Them arms you with the knowledge you need to succeed in the property business.
