Michael J. Seiler () (Old Dominion University 2154 Constant Hall, Norfolk, VA 23539) Vicky L. Seiler () (Hawaii Pacific University 1132 Bishop Street; Suite 504-9, Honolulu, HI 96813) Stefan Traub () (Universität Bremen, FB 7 Hochschulring 4, WIWI 0.02.1, D-28359 Bremen, Germany) David M. Harrison () (Texas Tech University Lubbuck, TX 79409-2101)
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This study empirically exams the combination of regret aversion and false reference points in a residential real estate context. Survey respondents were put in a hypothetical situation, where they had purchased an investment property several years ago. Hindsight knowledge about a foregone all time high was introduced. As hypothesized, respondents on average expressed higher regret if they had actively failed to sell at the all time high (commission scenario) than if they had simply been unaware of the potential gain (omission scenario). Women were found to be more susceptible to regret aversion and false reference points than men.
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