How is IBERE funded?
We receive seed funding from the Center for Real Estate and Economic Development (CREED) at Old Dominion University (ODU), but rely mostly on the generous support of our board members. We are also available to commission studies from an outside entity. To learn the cost to commission a study by IBERE, please call the Director, Dr. Michael J. Seiler at 757.683.3505 or e-mail at email@example.com.
The use of technology
In addition to taking an innovative approach to addressing current issues, we often seek different methods as well. Many times, these methods involve innovative technology such as an Instant Response Device to conduct live experiments with large groups of participants or functional Magnetic Resonance Imaging (fMRI) to measure blood flows through various parts of the brain to learn why people behave the way they do. We have also used an Electroencephalograph (EEG), a device placed on the participant’s scalp, to measure electrical activity in various parts of the brain to measure voltage fluctuations resulting from ionic current flows. This allows us to better understand what mental functions are being performed when people make real estate related decisions. We have even coupled EEG with ocular tracking technology and physiological response measures such as Galvanic Skin Response (GSR) and an Electrocardiogram (ECG). In sum, we hope to expand knowledge of human behavior as it relates to the field of real estate by applying new technology and new ways of thinking about current issues in the field of real estate.
Why does IBERE conduct experiments?
The best way to understand human behavior is to observe actual decision-makers making real decisions. However, this is not always possible given the private nature of some decisions and behaviors. In the real world, thousands of economic variables occur simultaneously which makes it very difficult to truly isolate and differentiate the impact of one factor from another. Alternatively, in a controlled experiment, we are able to hold everything else constant and apply theories with surgical precision to dissect and discern the influence of one variable from another. While experiments are not ideal in all research settings, IBERE tends to focus on research questions that do lend themselves to experimental design.
What is the cost to conduct an experiment?
The cost to conduct an experiment varies tremendously from one study to the next depending on the type of study being conducted, the sample size, and whether our Institute will pay for the entire study or just a part of it. In rare cases, we have university students participate in our studies which results in very low costs. Most of the time, however, students are not an appropriate sample for us to study. If we pull our sample from a national database and conduct the experiment on-line, the costs can be as low as $1.20 per person sampled. In situations where we need to compensate individuals for their participation in a study, it is not uncommon to pay an individual up to $50. In these research settings, sample sizes tend to be smaller and more time intensive. To learn the cost to commission a particular study by IBERE, please call the Director, Dr. Michael J. Seiler at 757.683.3505 or e-mail at firstname.lastname@example.org.
Who are the participants in our studies?
Participants range from local student samples to folks living across the country and even around the world. We often sample people through an existing network of individuals who have been pre-screened for demographic (age, gender, etc.) and behavioral (homeowner, investors, etc.) characteristics. We can also conducted targeted samples to specific parts of the country by region, state, city, and even zip code.