Message from the Institute’s Founder and Director

Most real estate organizations around the world examine current issues by employing theories from economics and finance to gain insight typically based on the assumption that real estate markets are reasonably efficient and that individuals within these markets are wealth maximizing agents. 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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