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

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 whethe...

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Bibliographic Details
Published inReal estate economics Vol. 47; no. 4; pp. 1119 - 1162
Main Authors Gibson, Scott, Seiler, Michael J., Walden, Eric
Format Journal Article
LanguageEnglish
Published Bloomington Blackwell Publishing Ltd 01.12.2019
Subjects
Design of experiments
Domains
Economic models
Magnetic resonance imaging
Markets
Real estate
Utility theory
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Summary: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.
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ISSN:1080-8620
1540-6229
DOI:10.1111/1540-6229.12164