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Theses

Cognitive and Emotional Bias in Real Estate Investment

Abstract : The main objective of this thesis is to analyse how cognitive and emotional biases affect investor decisions when buying or selling office buildings. To meet this aim, this research embarks on a qualitative research. Semi-structured interviews permit to detect and analyse the most important biases that appear in the transactions. Among the different biases discovered, the "base-rate fallacy" was selected. This bias may appear before the acquisition when investors evaluate the expected performance of a building. A quantitative analysis follows to develop a scale that tries to measure the effect of the bias. The results showed that uncertainty leads some investors to assume that the yield they will obtain at the end of their investment will be equal to that of the initial yield. In other words, some investors believe that market conditions will remain the same as today.
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Pau Blasi. Cognitive and Emotional Bias in Real Estate Investment. Business administration. Université Paris sciences et lettres, 2018. English. ⟨NNT : 2018PSLED041⟩. ⟨tel-02064265⟩

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