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Understanding the Behavioural Paradigm in Property Research

Author/s: Julian Diaz, Andrew Hansz

Date Published: 1/01/2007

Published in: Volume 13 - 2007 Issue 1 (pages 16 - 34)

Abstract

To seek its definition, the behavioural approach to real estate research fits into a model of research paradigms. The general framework, underlying psychological theories, data generation and data evaluation methods for the approach are identified. The existing literature is organised and discussed. The findings support the view of the real estate decision maker as a problem solver seeking efficiency and pursuing potentially biasing simplifying heuristics to overcome limitations in human information processing. Some results are consistent with an agency bias and the hypothesis that some heuristic behavior may be the unconscious, routinised response to pervasive agent-client concerns.

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Keywords

Behavioural Paradigm - Heuristics - Human Information Processing - Real Estate Research

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