Entropy – what kind of bet is real estate – really?
Abstract
Purpose
The purpose of this paper is to describe the way real estate data collection and dissemination can be improved.
Design/methodology/approach
The paper investigates that how information entropy fits into real estate research and data using Kelly betting as a framework.
Findings
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.
Originality/value
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.
Keywords
Acknowledgements
The author would like to thank Marlyn L. Hicks, Kevin Dowd and William Wu for very helpful comments. All errors remain the author's solely.
Citation
Brown, R.J. (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
Publisher
:Emerald Publishing Limited
Copyright © 2017, Emerald Publishing Limited