Message from the Institute’s Founder and Director

There are numerous real estate research centers around the world whose goal it is to examine current issues of national and international relevance to the field. These centers borrow theories from Economics and Finance to understand current issues typically based on the assumption that real estate markets are fully efficient and that individuals within these markets are fully rational at all times. At IBERE, we adapt our models to incorporate the knowledge that people have bounded rationality. That is, our brains regularly take mental shortcuts on a subconscious level that sometimes results in flaws or biases in our decision-making. We have made it our purpose to focus on identifying and measuring these flaws, and when possible, suggest ways to correct them. We seek to be the leading behavioral and experimental real estate research organization in the world and to publish research that will help guide decision-making in all areas of real estate.

Dr. Michael J. Seiler

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