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Experience and real estate investment decision‐making: a process‐tracing investigation

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  • Vivek Sah
  • Paul Gallimore
  • John Sherwood Clements

Abstract

This study investigates the impact of experience upon trained behaviours in real estate investment decision‐making. In a controlled experiment design, two groups of subjects, experts and novices, conduct an evaluation and reach a decision about two investment options. Using a process‐tracing technique, each subject’s behaviour is observed and recorded. Differences between the groups are discovered in relation to some behaviour characteristics, but experience appears not to impact all behaviours. These findings are discussed in relation to the current absence of a universal normative model of real estate investment decision‐making. In an associated component of the study, the belief that monetary compensation is needed in order to render valid results from studies such as this is tested. We find this not to be the case.

Suggested Citation

  • Vivek Sah & Paul Gallimore & John Sherwood Clements, 2010. "Experience and real estate investment decision‐making: a process‐tracing investigation," Journal of Property Research, Taylor & Francis Journals, vol. 27(3), pages 207-219, July.
    • Handle: RePEc:taf:jpropr:v:27:y:2010:i:3:p:207-219
    DOI: 10.1080/09599916.2010.518402
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    Cited by:

    1. Wang, Weifang, 2021. "Nuanced insights into land buyer perceptions of engaging in rural land transactions from a cost perspective: Evidence from China’s emerging rural land market," Land Use Policy, Elsevier, vol. 108(C).
    2. Peter Ö. hman & Bo Söderberg & Stig Westerdahl, 2012. "Property investor behaviour: qualitative analysis of a very large transaction," ERES eres2012_376, European Real Estate Society (ERES).

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