Raftery, J (1999) Quasi-rational behaviour in the property and construction market. Construction Management and Economics, 17(1), pp. 21-27. ISSN 01446193
Abstract
The notion of quasi-rationality is discussed and some new empirical evidence of actual (as revealed in experiments) rather than theorized behaviour is presented. Results from a series of experiments show evidence of money illusion in perception of salary levels and frame dependent risk aversion in agreeing contracts for property development. The implications for the property and construction markets and for research in property and construction economics are discussed.
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | human behaviour; money illusion; quasi rationality |
| Index terms: | property development, construction market, construction economics, evidence, experiment, human behaviour, rationality |
| Subjects: | data collection methods, evaluation and assessment methods, health behaviours and lifestyles, market analysis, financial analysis, decision-making and reasoning, economic development |
| Topics: | Cost Management, Research Practice, Urban Studies |
| Descriptive scope: | 5 PCTEA |
N.B. Descriptive scope is a count of how many of the five facets of empirical research are indicated by the words used in title, abstract and keywords. It is not intended as a judgement on the research; merely a count of the kind of word we would expect to indicate Phenomenon, Concepts, Theoretical framing, Empirical techniques, Analytical techniques. If all five are present, then a code of “5 PCTEA” will indicate this. If you feel the coding for this record is questionable, we welcome discussion around the terms we matched or the way we categorized them. The facet you would expect may not be coded, or a facet may be coded inappropriately. This can also bear on a larger question, of which facets should be treated as defining in construction management research. Please get in touch, and we will look at it. More details here