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Behavioral Real Estate

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  • Diego Salzman
  • Remco C.J. Zwinkels

Abstract

The decision of buying residential property may be one of the most important transactions people will ever make, and the emotional attachment when houses become homes is inevitable. Nevertheless, this stylized fact appears to be underrepresented in the literature. While its importance is undeniable, the consumption function, as well as the social and emotional perspective of real estate are often neglected. We provide an overview of the current state of affairs of the main themes in which the behavioral approach intersects with real estate to gain a deeper understanding of the built environment. It seems to be a general consensus that behavioral studies can help to provide insight into property markets, but that a large component of behavioral decision making is left undefined.

Suggested Citation

  • Diego Salzman & Remco C.J. Zwinkels, 2017. "Behavioral Real Estate," Journal of Real Estate Literature, Taylor & Francis Journals, vol. 25(1), pages 77-106, January.
    • Handle: RePEc:taf:rjelxx:v:25:y:2017:i:1:p:77-106
    DOI: 10.1080/10835547.2017.12090455
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    Cited by:

    1. Mathieu Aubry & Roman Kräussl & Gustavo Manso & Christophe Spaenjers, 2023. "Biased Auctioneers," Journal of Finance, American Finance Association, vol. 78(2), pages 795-833, April.

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