Dual process of dual motives in real estate market Indonesia

Purpose The dual process of thinking between conscious processes and unconscious processes generate a different decision. Thinking consciously produces rational decisions. However, a person’s cognitive limitation makes him or her simplify complex scenarios and think implicitly result in making decis...

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Bibliographic Details
Published in:International journal of housing markets and analysis 2019-02, Vol.12 (1), p.25-42
Main Authors: Njo, Anastasia, I. Made, Narsa, Irwanto, Andry
Format: Article
Language:English
Subjects:
Behavior
Behavioral economics
Cognition & reasoning
Cognitive ability
Consumption
Decision making
Efficient markets
Expected utility
Heuristic
Houses
Housing
Housing prices
Hypotheses
Information processing
Investments
Investors
Life cycle analysis
Life cycle engineering
Life cycles
Literature reviews
Portfolio management
Problem solving
Profits
Purchasing
Rationality
Real estate
Variance analysis
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Summary:Purpose The dual process of thinking between conscious processes and unconscious processes generate a different decision. Thinking consciously produces rational decisions. However, a person’s cognitive limitation makes him or her simplify complex scenarios and think implicitly result in making decision in heuristics or rules of thumbs. This paper aims to evaluate patterns of decision-making relationships and dual motives for home purchasing by first home buyers and family life cycle in Indonesia. Design/methodology/approach Collecting data was done by distributing questionnaires to home buyers within three years (2013-2016). Further data were processed using ANOVA based on group of dual motives, time for buyer and family life cycle. Findings The results show that buyers have consumption motives in buying a residence and they behave rational, while investors prefer to buy an apartment and tend to behave heuristics. Dual motives of time for buyers are not significant to decision model. Family life cycle is significant to decision model based on dual motives. Originality/value This is an unpublished dissertation study to qualify for graduation.
ISSN:1753-8270
1753-8289
DOI:10.1108/IJHMA-05-2017-0049