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Identifying Selected Behavioral Determinants of Risk and Uncertainty on the Real Estate Market

Author

Listed:
  • Brzezicka Justyna

    (Faculty of Geodesy and Land Management University of Warmia and Mazury in Olsztyn)

  • Wisniewski Radoslaw

    (Faculty of Geodesy and Land Management University of Warmia and Mazury in Olsztyn)

Abstract

Various market behaviors can be characterized as risky or uncertain, thus their observation is important to the real estate market system. The extensive use of behavioral factors facilitates their implementation and studies in relation to the real estate market system. The behavioral approach has established its own instrumentation which enables elements of risk and uncertainty to be quantified.The belief that behavioral determinants connected with risk and uncertainty occur in the real estate market system (REMS) is the research hypothesis of the present paper which aims to:1) analyze risk and uncertainty in the REM system using the behavioral approach,2) identify and systematize behavioral determinants of risk and uncertainly shaping the REM,3) develop a methodology for measuring behavioral determinants of risk and uncertainty in the REM,4) present the significance of behavioral determinants of risk and uncertainty on the example of the Olsztyn REM.The aims were realized by means of a laboratory experiment conducted on a representative sample, as well as through the statistical verification of the obtained results. The article builds on current knowledge regarding the mechanisms of how the REM operates by introducing new issues connected with the behavioral approach to the topic of risk and uncertainty.

Suggested Citation

  • Brzezicka Justyna & Wisniewski Radoslaw, 2014. "Identifying Selected Behavioral Determinants of Risk and Uncertainty on the Real Estate Market," Real Estate Management and Valuation, Sciendo, vol. 22(2), pages 30-40, July.
    • Handle: RePEc:vrs:remava:v:22:y:2014:i:2:p:11:n:4
    DOI: 10.2478/remav-2014-0015
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    Keywords

    behavioral economics; real estate market; risk; uncertainty; risk aversion; uncertainty aversion;
    All these keywords.

    JEL classification:

    • D03 - Microeconomics - - General - - - Behavioral Microeconomics: Underlying Principles
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • R39 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Other

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