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Where over the long term, established house prices had doubled.
In looking at the validity and accuracy of the study there are many arguments presented that further support Prospect Theory. Another example centers on the application of preference and ambiguity biases in explaining the equity premium and volatility puzzles. The eventual resolution of the volatility puzzle can further aid us in our understanding of the property pricing behavior, both in listed and direct markets.
The Property Market was also compared to the Stock market, a market that has more readily available information, which is much more rational and is generally more efficient than the Property market...
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