Housing Market Problems Lie Beyond Supply Side: Expert

Policymakers of Iran’s housing sector have always focused on increasing supply and production without taking note of other issues related to the market failure, Nasser Yarmohammadian, a lecturer at Urban Economy Faculty of Art University of Isfahan, said in an article published by the Persian economic daily Donya-e-Eqtesad. 
A translation of the article follows: 
One of the behavioral biases among policymakers is “effort justification”. Based on this bias, people assess a particular task or activity more favorably when it involves something that is difficult or unpleasant. In other words, they have an incorrect valuation of what is achieved with a lot of time, energy and money. One of the causes of this error is that the human brain overlooks the imbalance between work and the result of work...