Behavioral aspects of the real estate shadow market
MIRGORODSKAYA E.O.
Head of the chair of economic theory and entrepreneurship, Rostov State University of Civil Engineering
Head of the chair of economic theory and entrepreneurship, Rostov State University of Civil Engineering
SEMENOV M.E.
Postgraduate student, Rostov State University of Civil Engineering
Postgraduate student, Rostov State University of Civil Engineering
TERRA ECONOMICUS, 2013, Vol. 11 (no. 2.3),
p. 9-15
The article discusses the financial and behavioral interpretation of the existence of the shadow of the residential property markets and provides an explanation of the nature of such in-vestments. Sociological data show that financial constraint is available from the housing show only 44.4% (of respondents USA, EU) and 25.1% (modeling, the situation on the local market of Russia - Rostov region) the reasons for the refusal from sales of own responsibility, and three documented behavioral reasons account for a large part of such refusals. Because the demographic characteristics of the respondents may have a significant impact on the shadow markets, the work they were has-optimized as additions to the three behavioral reasons.
Keywords: residential investment; shadow market; financing housing investment; cognitive errors investors; «awareness»; «deviation towards the status quo»; «false benchmarks»
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Publisher: Southern Federal University
Founder: Southern Federal University
ISSN: 2073-6606
Founder: Southern Federal University
ISSN: 2073-6606