Even though there are may frameworks and models in real estate. Each player seeks a framework appropriate to their role and purpose in order to rationalize how they perceive and interact with places, spaces, properties, and real estate as well as other players, meaning the existing models have only in common that they almost all make a reference to Graaskamp. But they do seldom refer to each other. Classifications of the most cited research articles of the past 25 year clearly show that the focus of interest has been on empirical research, mainly using data of commercial real estate, with the primary objective of evaluating real estate investment. In order to derive reliable risk-return relations for real estate investment, asset pricing as the primary task of real estate appraisal is the center of attention. One reason for this is the undividable relationship of real estate with finance through mortgages and investments. Another reason is the dominance of Anglo-Saxon universities/ departments of the economy, which most often conduct research in real estate. Like in other research domains a specific type of knowledge predominates in the real estate industry and in academia as well.

This is not necessarily because it is scientific, but due to the power, that certain groups have, to define, what is right or wrong, or true and false. With financialization – a big issue in cities – one can even talk about ‘economics imperialism’. With the ‘wall of money’ and ‘global capital flows’ the dominance of the finance and investment industry is definitively turning real estate and land into a commodity, which leads to social injustice according to the UN. According Latour, no discipline is the final arbiter of any other. After the GFC – Global Financial Crisis there are paradigm shifts towards behavioral economics, psychology and complexity theory. The latest Nobel prizes have been accredited to behavioral economists. Nobody believes in equilibrium rational agents, perfect information and uncertainty reduced to a simple probability distribution anymore. Turner, Picketty, and Stiglitz among others are fierce critiques of the standard economic models. Schramer and Kaufer – as an urbanist – suggest new paradigms away from ‘ego-systems’ to ‘eco-system’ economies.