A phenomenological study on decision making under uncertainty in real estate investments in Subsaharan Africa - a critical review of literature

Nsibande, C and An, M ORCID: https://orcid.org/0000-0002-1069-7492 2017, A phenomenological study on decision making under uncertainty in real estate investments in Subsaharan Africa - a critical review of literature , in: 13th International Postgraduate Research Conference (IPGRC), 14-15 September 2017, University of Salford, UK.

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Abstract

Decision making under uncertainty can be traced back to the beginning of the 20th century as defined by Von Neumann and Morgenstein in what was termed expected utility theory. Kahneman and Tversky reinvented decision making theories and introduced prospect theory. They later introduced cumulative prospect theory which has been the central theory for studies and research in decision making under uncertainty. Kahneman and Tversky introduced psychological approaches to decision making and introduced the concept of value function and weighting function. Other important scholars include Cohen who focused on the psychological aspects of decision making. Several other authors have completed research in behavioral aspects of decision making including Slovic, Nocetti, Shefrin and Statman. The purpose of this paper is to present a critical review of the literature published on decision making under uncertainty, understand the gap and knowledge, and to develop new knowledge in decision making under uncertainty for real estate investment decisions in Sub-Saharan Africa. The relevance of the literature to the doctorate research was established through the extensive discussion section of the paper.

Item Type: Conference or Workshop Item (Paper)
Additional Information: Proceedings ISBN: 9781912337057
Schools: Schools > School of the Built Environment > Centre for Urban Processes, Resilient Infrastructures & Sustainable Environments (UPRISE)
Journal or Publication Title: 13th International Postgraduate Research Conference 2017
Publisher: University of Salford
Depositing User: Professor Min An
Date Deposited: 09 Apr 2019 12:36
Last Modified: 09 Apr 2019 12:45
URI: http://usir.salford.ac.uk/id/eprint/50978

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