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

Nsibande, C; An, M

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.

Citation

Nsibande, C., & An, M. (2017, September). A phenomenological study on decision making under uncertainty in real estate investments in Subsaharan Africa - a critical review of literature. Presented at 13th International Postgraduate Research Conference (IPGRC), University of Salford, UK

• Presentation Conference Type: Other
• Conference Name: 13th International Postgraduate Research Conference (IPGRC)
• Conference Location: University of Salford, UK
• Start Date: Sep 14, 2017
• End Date: Sep 15, 2017
• Acceptance Date: Sep 1, 2017
• Online Publication Date: Oct 4, 2017
• Publication Date: Oct 4, 2017
• Deposit Date: Apr 9, 2019
• Publicly Available Date: Apr 9, 2019
• Publisher URL: http://usir.salford.ac.uk/id/eprint/43913/
• Additional Information: Additional Information : Proceedings ISBN: 9781912337057; Event Type : Conference