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Using Experimental and Neurological Data to Gain a Deeper Understanding of Realization Utility Theory

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  • Scott Gibson
  • Michael J. Seiler
  • Eric Walden

Abstract

Starting with the premise that realization utility theory helps explain trading behavior, this study combines a carefully crafted experimental design with functional magnetic resonance imaging technology to offer a more inclusive examination of factors that affect REIT trading behavior beyond whether a REIT is simply trading up or down. We add to the nascent field of neurological real estate by finding that local gains/loss domains are more relevant than are global gain/loss considerations, financial skewness is a significant determinant of trading behavior, and that performance inside the REIT market influences how hard subjects think when performing tasks outside the market.

Suggested Citation

  • Scott Gibson & Michael J. Seiler & Eric Walden, 2019. "Using Experimental and Neurological Data to Gain a Deeper Understanding of Realization Utility Theory," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 47(4), pages 1119-1162, December.
    • Handle: RePEc:bla:reesec:v:47:y:2019:i:4:p:1119-1162
    DOI: 10.1111/1540-6229.12164
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