Jump to ContentJump to Main Navigation
The Psychology of Property Law$
Users without a subscription are not able to see the full content.

Stephanie M. Stern and Daphna Lewinsohn-Zamir

Print publication date: 2020

Print ISBN-13: 9781479835683

Published to NYU Press Scholarship Online: September 2020

DOI: 10.18574/nyu/9781479835683.001.0001

Show Summary Details
Page of

PRINTED FROM NYU Press SCHOLARSHIP ONLINE (www.nyu.universitypressscholarship.com). (c) Copyright University of NYU Press, 2022. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in NYSO for personal use.date: 06 July 2022

Transacting Property

Transacting Property

(p.135) 5 Transacting Property
The Psychology of Property Law

Stephanie M. Stern

Daphna Lewinsohn-Zamir

NYU Press

This chapter examines how the psychology of cognition, decision making, and deception affects buyers and sellers in real estate transactions. The chapter describes how some aspects of property law, such as standardized forms of property (e.g., fee simple ownership, leasing) may reduce information-processing costs and enhance understanding of transactions. Yet other laws, such as property defect disclosure, fail to respond to buyers who struggle to process, update, and price complex, late-coming information and sellers who are subject to motivated reasoning and tendencies toward deception. The chapter also considers emerging psychological evidence on conflicts of interest that calls into question the prevailing approach of allowing dual agency by brokers (i.e., representing both buyer and seller).

Keywords:   Schemas, bounded rationality, sunk costs, optimism bias, anchoring, motivated reasoning, deception, dual agency, nudges, debiasing

NYU Press Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.

Please, subscribe or login to access full text content.

If you think you should have access to this title, please contact your librarian.

To troubleshoot, please check our FAQs, and if you can't find the answer there, please contact us.