Cognitive Bias in Decision Making According to Change of Tax Policy: An Exploratory Study

Abstract

The purpose of this study is to analyze the cognitive bias in decision making of real estate investors according to change of tax policy.This study was based on the return rate of the investors.However, changing of tax policy is influenced not only by the return rate, but also influenced by the investment psychology of real estate investors.This study investigated the response of investment psychology according to tax policy and established the DGR-DLR model which is a frequency model used for the potential profit and the loss rate.It has investigated the real estate investor's cognitive bias and the influence of change of tax policy using 2,245 copies of residence register to solve the data collection problem.The results of the study were rejected in the first and second increase of transfer income tax and in the second increase of acquisition tax.

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