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Overbuilding in office markets, a behaviouralapproach to investigate possible explanations.
KTH, Superseded Departments, Infrastructure.
(English)Manuscript (preprint) (Other academic)
Abstract [en]

The purpose of this paper is to apply behavioural theories on the decision-makers in theoffice-building sector. The market has a well-known feature of cycles of production. This cansometimes lead to overbuilding. This paper tries to illuminate the problem with overbuildingby using economic behavioural theory developed the last 25 years. We have formulated sixpossible behavioural explanations for overbuilding. The method we have used is partly byinterviewing investors about specific projects and partly by a survey, which was sent out toindependent persons that has followed the office market for a long time. Our results indicatethat myopic behaviour and sunk cost fallacy have influenced decision makers.

Keyword [en]
Rational behaviour, behavioural economics, herd behaviour, overconfidence, myopic expectations, sunk cost fallacy, confirmation bias, status quo bias.
National Category
Social Sciences
Identifiers
URN: urn:nbn:se:kth:diva-26506OAI: oai:DiVA.org:kth-26506DiVA: diva2:372442
Note
QC 20101125Available from: 2010-11-25 Created: 2010-11-25 Last updated: 2010-11-25Bibliographically approved
In thesis
1. Overbuilding in office markets: are behavioural aspects important?
Open this publication in new window or tab >>Overbuilding in office markets: are behavioural aspects important?
2005 (English)Licentiate thesis, comprehensive summary (Other academic)
Place, publisher, year, edition, pages
Stockholm: KTH, 2005. 3 p.
Series
Trita-BFE, ISSN 1104-4101 ; 05:69
National Category
Social Sciences
Identifiers
urn:nbn:se:kth:diva-4079 (URN)91-975358-7-7 (ISBN)
Supervisors
Note
QC 20101125Available from: 2006-08-17 Created: 2006-08-17 Last updated: 2010-11-25Bibliographically approved

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CiteExportLink to record
Permanent link

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Citation style
  • apa
  • harvard1
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf