Decision theory and real estate investment

Nick French (Department of Land Management and Development, University of Reading, Reading, UK)
Simon French (School of Informatics, University of Manchester, Manchester, UK)

Journal of Property Valuation and Investment

ISSN: 0960-2712

Publication date: 1 August 1997

Abstract

Explains that the focus of decision theory is on the mathematical models. These may be probability based; loss functions or other forms of statistical representations of judgements. Yet, much of decision theory does not lie entirely within any one discipline: it draws on psychology, economics, mathematics, statistics, social sciences and many other areas of study. Investigates investors’ perceptions and attitudes towards real estate. Highlights the important difference between theoretical exposure levels and pragmatic business considerations. Suggests a prescriptive model to explore judgements, beliefs and preferences of decision makers and to inform decision making. Examines the concept of risk and its place in developing a prescriptive model. Maintains that a decision must be judged on factors other than the risk of a single outcome.

Keywords

Citation

French, N. and French, S. (1997), "Decision theory and real estate investment", Journal of Property Valuation and Investment, Vol. 15 No. 3, pp. 226-232. https://doi.org/10.1108/14635789710184943

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Publisher

:

MCB UP Ltd

Copyright © 1997, MCB UP Limited

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