Experts , Amateurs , and Real Estate : An Anchoring-and-Adjustment Perspective on Property Pricing Decisions

  • GREGORY B. NORTHCFCAFTANDMARGARET A. NEALE
  • Published 2003

Abstract

The studies described in this paper investigated the use of a decisional heuristic-anchoring-and-adjustment-in an information-rich, real world setting. In order to assess the generalizability of laboratory research on this decision heuristic, students and real estate agents toured and made pricing decisions about real estate properties. It was hypothesized… (More)

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