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Quasi-rational behaviour in the property and construction market

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  • John Raftery

Abstract

The notion of quasi-rationality is discussed and some new empirical evidence of actual (as revealed in experiments) rather than theorized behaviour is presented. Results from a series of experiments show evidence of money illusion in perception of salary levels and frame dependent risk aversion in agreeing contracts for property development. The implications for the property and construction markets and for research in property and construction economics are discussed.

Suggested Citation

  • John Raftery, 1999. "Quasi-rational behaviour in the property and construction market," Construction Management and Economics, Taylor & Francis Journals, vol. 17(1), pages 21-27.
    • Handle: RePEc:taf:conmgt:v:17:y:1999:i:1:p:21-27
    DOI: 10.1080/014461999371790
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    References listed on IDEAS

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