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Complete Summary Behavioral Finance and Real Estate
- Instelling
- Vrije Universiteit Amsterdam (VU)
Complete summary: Lectures, book chapters, articles & documentary for Behavioral Finance and Real Estate
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Voorbeeld van de inhoud
Summary BFREBehavioral Finance and Real Estate
2023/2024
,Week 1.......................................................................................................................................................... 4
Book......................................................................................................................................................................4
Chapter 1.........................................................................................................................................................4
Chapter 2.........................................................................................................................................................6
Lectures................................................................................................................................................................8
Week 1, Part 1..................................................................................................................................................8
Week 1, Part 2..................................................................................................................................................9
,Week 2........................................................................................................................................................ 11
Book....................................................................................................................................................................11
Chapter 3.......................................................................................................................................................11
Chapter 4.......................................................................................................................................................14
Chapter 5.......................................................................................................................................................16
Chapter 7.......................................................................................................................................................17
Lectures..............................................................................................................................................................19
Week 2, Part 1................................................................................................................................................19
Week 2, Part 2................................................................................................................................................22
Week 3........................................................................................................................................................ 26
Book....................................................................................................................................................................26
Chapter 6.......................................................................................................................................................26
Lectures..............................................................................................................................................................28
Week 3, Part 1................................................................................................................................................28
Week 3, Part 2................................................................................................................................................29
Week 4........................................................................................................................................................ 31
Book....................................................................................................................................................................31
Chapter 8.......................................................................................................................................................31
Chapter 10.....................................................................................................................................................33
Chapter 11.....................................................................................................................................................35
Lectures..............................................................................................................................................................37
Week 4, Part 1................................................................................................................................................37
Week 4, Part 2................................................................................................................................................40
Week 5........................................................................................................................................................ 43
Lectures..............................................................................................................................................................43
Week 5, Part 1................................................................................................................................................43
Week 5, Part 2................................................................................................................................................46
Week 6........................................................................................................................................................ 48
Lectures.............................................................................................................................................................48
Week 6, Part 1................................................................................................................................................48
Week 6, Part 2................................................................................................................................................49
Article summaries........................................................................................................................................ 51
Article 1: inattention and inertia in household finance......................................................................................51
Article 2: The determinants of Attitudes toward strategic default on mortgages.............................................52
Article 3: Importance of financial literacy..........................................................................................................54
Article 4: Money illusion.....................................................................................................................................55
Article 5: Is there a bubble in the housing market?...........................................................................................56
Summary Documentary Boom Bust Boom.................................................................................................... 58
, Week 1
Book
Chapter 1
Lack of understanding of our thoughts and behavior unable to recognize
when cognitive processes that usually serve us are likely to lead us astray
Judgement
Cognitive aspects of our decision-making process
Rational decision-making process
1. Define the problem to correctly identify and define the problem,
accurate judgement is needed
Managers make errors by defining the problem in terms
of a proposed solution
Or, by missing the bigger problem
Or, by diagnosing the problem in terms of its symptoms
2. Identify the criteria most decisions require you to accomplish
more than one objective
3. Weigh the criteria
4. Generate alternatives search continues until the cost of the
search outweighs the value of the added information
5. Rate each alternative on each criterion requires us to forecast
future events potential consequences of selecting each
alternative on each of the criterion
6. Multiply the ratings (step 5) by the weight of each criterion adding
up the weighted ratings across all of the criteria for each alternative
choose the solution with the highest sum of the weighted ratings
System 1 cognitive functioning
Intuitive system fast, automatic, effortless, implicit and emotional
Sufficient
More likely that errors will occur
System 2 cognitive functioning
Rational decision-making process
Slower, conscious, effortful, explicit, logical
Most important decisions
Rationality
Decision-making process that is logically expected to lead to the
optimal result, given an accurate assessment of the decision
maker’s values and risk preferences
Two schools of thought
Decision making can be divided in two parts study of prescriptive
models and the study of descriptive models
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