tailieunhanh - A Post-autistic Approach to the Study of Real Estate Investment Decision Making.

In recent decades a significant part of the land use changes caused by the population expansion in Turkish cities has not followed an urban development plan but was rather driven by unlicensed build- ing activities. 5 As an example, the built-up area in the province of Istanbul increased by more than 40% between 1990 and 2005. New settlements were typically erected on public land near water bodies and in areas that had been made more accessible by new trans- portation routes like the Transit European Motorway, the E-5 and the second Bosphorus Bridge. 6 This rapid urban growth makes it difficult to ensure. | A Post-autistic Approach to the Study of Real Estate Investment Decision Making. Paper presented to the 10th Pacific Rim Real Estate Society PRRES Conference Bangkok Thailand 25th - 28th January 2004. Paul J. Royston School of Property and Construction Nottingham Trent University Burton Street Nottingham England UK NG14BU E-mail Direct tel 44 0 1158482525 Mobile 44 0 8733535873 Fax 44 0 1158486507 PRRESPAEPJR151203 1 A Post-autistic Approach to the Study of Real Estate Investment Decision Making. Key Words Behavioural finance Critical realism Investment decision making Modern finance theory Post-autistic economics Abstract Investors are making decisions about buying and selling real estate representing in total billions of dollars of transactions in any one year. Given the economic impact of these decisions it is surprising that there isn t greater understanding of how they are made. The traditional academic explanation for real estate investors actions follows a neoclassical economic framework and borrows from the discipline of finance. Finance theory offers portfolio and capital market models to answer the question of how investors should optimise their investment decisions Brown and Matysiak 2000 . This approach provides elegant mathematical solutions to the optimising question but the models seem poor in explaining the operation of real estate investment markets. What can be done to remedy this situation This situation is replicate of that in mainstream economics where traditional neoclassical models and econometric modelling provides the dominant academic approach. Frustration with the persistence of this approach given the low level of empirical support for its explanatory power has given rise to a movement of dissent amongst economists Fullbrook 2003 . The dissenters have christened themselves as the post-autistic economics movement part of a wider move towards critical realism within the discipline of economics Fleetwood 1999 . What .