Entropy – what kind of bet is real estate – really?

Roger J. Brown (Colvin Institute of Real Estate Development, University of Maryland at College Park, College Park, Maryland, USA)

Journal of Property Investment & Finance

ISSN: 1463-578X

Publication date: 3 April 2017



The purpose of this paper is to describe the way real estate data collection and dissemination can be improved.


The paper investigates that how information entropy fits into real estate research and data using Kelly betting as a framework.


Availability of real estate data is constrained by a host of impediments, paywalls and other archaic practices that limit the way it can be used to make worthwhile progress in the field.

Practical implications

Real-estate data will become available. Those who try to keep data close and restrict their common use will become irrelevant.


Entropy indicates uncertainty and chaos. Using this highly developed and respected area of science as context one can see how real estate research suffers from its present mindset.



Brown, R. (2017), "Entropy – what kind of bet is real estate – really?", Journal of Property Investment & Finance, Vol. 35 No. 3, pp. 341-351. https://doi.org/10.1108/JPIF-10-2016-0078

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