Managing cognitive risk in real estate

Abstract

This paper explores cognition and its impact on the uncertainty and risk that surround real estate enterprises. We posit that cognition creates its own risk and affects risk from other sources in many ways, and we situate an overlay paradigm within a behavioural real estate paradigm. We develop the concept of cognitive risk, and examine it using a multidisciplinary perspective. We explore approaches to managing cognitive risk and offer a framework for further research and development of cognitive risk and its management.