Real estate appraisers are accustomed to viewing the markets we analyze as domains of generally rational behavior, where participants act to maximize return on investment or to maximize utility. This is assumed to be the dominant tendency of the market as a whole, even if individual market actors exhibit seemingly contrary behavior. Nobel laureate Daniel Kahneman, however, would likely tell you that, in the words of Heyward and Gershwin, "It ain't necessarily so." In Thinking, Fast and Slow, Kahneman reveals to readers what he and other researchers in the field of behavioral economics have learned about how the human mind works. Their findings have ramifications for many fields of human endeavor, including real estate appraisal.
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