Boy, this is intriguing stuff.
The study of neuroeconomics has illuminated a few key concepts: Many people will pass up sure profits for illusory ones. Some will turn down profits if they believe someone else is unfairly profiting more. Some will even refuse to sell if they believe they may come to regret it, because fear of future regret can be as powerful a motivator as money in the pocket today.
Does any of that sound like anyone you know?
I particularly like this one, “Some will turn down profits if they believe someone else is unfairly profiting more.”
The “unfairly profiting more” sounds like the attitude many have toward the 2005 flippers and perhaps their disdain for any real estate investing.
People really shouldn’t be jealous of those flippers anymore. The flippers who didn’t get out in time are going through hell right now. I know. I get the calls.