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Regret Aversion and False Reference Points in Residential Real Estate

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Author Info

  • 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

    ()
    (Universit├Ąt Bremen, FB 7 Hochschulring 4, WIWI 0.02.1, D-28359 Bremen, Germany)

  • David M. Harrison

    ()
    (Texas Tech University Lubbuck, TX 79409-2101)

Abstract

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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File URL: http://aux.zicklin.baruch.cuny.edu/jrer/papers/pdf/past/vol30n04/04.461_474.pdf
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Bibliographic Info

Article provided by American Real Estate Society in its journal journal of Real Estate Research.

Volume (Year): 30 (2008)
Issue (Month): 4 ()
Pages: 461-474

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Handle: RePEc:jre:issued:v:30:n:4:2008:p:461-474

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Postal: American Real Estate Society Clemson University School of Business & Behavioral Science Department of Finance 401 Sirrine Hall Clemson, SC 29634-1323
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Web page: http://www.aresnet.org/

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Postal: Diane Quarles American Real Estate Society Manager of Member Services Clemson University Box 341323 Clemson, SC 29634-1323
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Web: http://aux.zicklin.baruch.cuny.edu/jrer/about/get.htm

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Cited by:
  1. Marshall Gangel & Michael Seiler & Andrew Collins, 2013. "Exploring the Foreclosure Contagion Effect Using Agent-Based Modeling," The Journal of Real Estate Finance and Economics, Springer, vol. 46(2), pages 339-354, February.
  2. Michael J. Seiler, 2014. "Measuring the Impact of Eminent Domain Partial Takings: A Behavioral Approach," International Real Estate Review, Asian Real Estate Society, vol. 17(2), pages 137-156.

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