Quantifying the link between art and property prices in urban neighbourhoods

Chanuki Illushka Seresinhe1, Tobias Preis1, Helen Susannah Moat1

  • 1Data Science Laboratory, Behavioural Science, Warwick Business School , University of Warwick , Coventry CV4 7AL , UK.

Related Concept Videos

Scatter Plot01:15

Scatter Plot

The most common and easiest way to display the relationship between two variables, x and y, is a scatter plot. A scatter plot shows the direction of a relationship between the variables. A clear direction happens when there is either:
12.6K
The Anchoring-and-Adjustment Heuristic01:25

The Anchoring-and-Adjustment Heuristic

In order to make good decisions, we use our knowledge and our reasoning. Often, this knowledge and reasoning is sound and solid. However, sometimes, we are swayed by biases or by others manipulating a situation. For example, let’s say you and three friends wanted to rent a house and had a combined target budget of $1,600. The realtor shows you only very run-down houses for $1,600 and then shows you a very nice house for $2,000. Might you ask each person to pay more in rent to get the...
7.9K
Close Relationships and Culture01:29

Close Relationships and Culture

Culture shapes how people approach attraction, choose partners, and build long-term relationships. While some preferences in mate selection appear consistent across cultures, such as men valuing physical attractiveness and women emphasizing financial resources, cultural contexts influence how these preferences are expressed and prioritized. Marriage extends beyond romantic ideals in many societies and is deeply embedded in social, economic, and religious frameworks.The Role of Culture in Mate...
346
Social Exchange Theory01:26

Social Exchange Theory

As formulated by John Thibaut and Harold Kelley, Social Exchange Theory explains human relationships as economic-like exchanges that maximize rewards and minimize costs. This theory suggests that individuals engage in relationships to gain benefits and reduce burdens, similar to economic transactions. It has been widely applied to various types of relationships, including romantic, professional, and social interactions.Rewards and Costs in RelationshipsRelationship rewards include emotional...
695
Social Exchange Theory02:06

Social Exchange Theory

We have discussed why we form relationships, what attracts us to others, and different types of love. But what determines whether we are satisfied with and stay in a relationship? One theory that provides an explanation is social exchange theory. According to social exchange theory, we act as naïve economists in keeping a tally of the ratio of costs and benefits of forming and maintaining a relationship with others (Rusbult & Van Lange, 2003).
40.9K
Correlation01:09

Correlation

In statistics, two variables are said to be correlated if the values of one variable are associated with the other variable. Depending on the relationship between two variables, correlation can be of three types– positive correlation, negative correlation, and zero correlation.
Two variables, for example, a and b, are said to be positively correlated if both variables move in the same direction. In other words, a positive correlation exists between two variables, a and b, if:
15.7K