Executive Summary. The reason investors purchase individual properties is not well understood. The purchase of a parcel of real property comes with burdens peculiar to real estate. A close look at the activities of private investors discloses that they take advantage of the combination of ownership and control in ways that can affect the investment outcome. A similar influence, absent a controlling interest, is not available in securities markets. This study presents a theoretical model for why some investors self-select into a market in which they can combine entrepreneurial labor with their capital, resulting in a unique mix of determinism and probability.
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Roger J. Brown (2004) studied this question.
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