Research Fellow · Henley Business School
Simon
Thaler
"Real estate data is like oil — unrefined it's worth less, but once processed it gives enormous value."

Behavioural economist and data scientist studying how cognitive biases distort property valuation — and how rigorous, unemotional data analysis can correct them for better decisions.

Simon Thaler
Dr Simon Thaler PhD in Economics · MSc Banking & Finance
13Publications
24Citations
1,081Reads
Behavioural Real Estate AVMs & Computer Vision Wisdom of the Crowd

Mitigating bias
with unemotional
data

I currently hold positions as Research Fellow at Henley Business School (University of Reading), Innovation Manager at Data Science Service GmbH in Vienna, and Affiliated Researcher at Vienna University of Economics and Business (WU).

My research investigates how cognitive biases distort property valuation — from anchoring effects in professional appraisal to the influence of visual stimuli in listings. I use behavioural experiments, computer vision, and crowd-sourced assessments to understand where and why human judgment fails in real estate markets.

My long-term goal is to replace subjective guesswork with unemotional, data-driven valuation. Real estate data is like oil: unrefined, its value is limited — but once processed and structured, it yields precise, objective insights. By combining crowd assessment, AI, and rigorous statistical methods, I aim to mitigate the behavioural biases that cost the market billions in mispricing each year.

Henley Business School WU Vienna Data Science Service GmbH ERES Board
Research Focus

Areas of Inquiry

Bridging behavioural science, machine learning, and real estate economics to question how professionals and markets arrive at value — and where they go wrong.

01

Behavioural Real Estate

Investigating how cognitive anchoring, order effects, and condition-based framing lead professional valuers to systematically over- or underestimate property worth.

02

Valuers' Bias

How visual stimuli — image ordering, furniture, and staging — alter subjective valuation, and experimental approaches to isolate and quantify these biases.

03

AVMs & Computer Vision

Integrating CNN-based building photo classification into Automated Valuation Models to enable scalable, objective property condition assessment.

04

Wisdom of the Crowd

Crowd-sourced condition ratings as a scalable complement to AI — combining human perception at scale with statistical validation for fairer valuations.

Teaching

Courses Taught

I have taught across bachelor's and master's programmes at universities in Austria, the UK, and Germany, covering real estate, finance, and quantitative methods.

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Real Estate Finance

Financing structures, investment appraisal, and capital markets as applied to real estate assets. Emphasis on valuation models and risk.

Henley Business School · FH Kufstein
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Behavioural Real Estate

Cognitive biases, heuristics, and psychological drivers in real estate decision-making. Covers anchoring, loss aversion, and their direct implications for property valuation and investment.

FH Kufstein · TU Munich
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Valuation

Principles and practice of property valuation including income, cost, and comparison approaches, with sessions on automated and AI-assisted methods.

Henley Business School · FH Kufstein
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Empirical Methods in Real Estate

Statistical methods for real estate research — regression models, hedonic pricing, panel data, and applied data analysis using real-world property datasets.

University of Regensburg (IREBS)
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Introductory Economics

Foundational micro- and macroeconomics for undergraduate students: supply and demand, market structures, monetary policy, and economic indicators.

University of Arizona · FH Kufstein
Teaching philosophy
I believe real estate data is like oil — unrefined, it's worth less than people assume. My teaching focuses on giving students the analytical tools to process raw, messy market data into rigorous evidence, countering the emotional and cognitive biases that too often drive decisions in practice.
Scholarly Work

Publications

J
Using the Wisdom of the Crowd to Improve the Condition Assessment of Residential Real Estate
Koch, D., Seiler, M. J., Thaler, S. — Journal of Real Estate Research2024
J
Linking Subjective Judgments and Convolutional Neural Networks for Building Condition Assessment
Despotovic, M., Koch, D., Leiber, S., Thaler, S. et al. — MethodsX, 12:1025562024
J
Beyond Satellite Imagery: The Influence of Map Representations on Socio-Economic Prediction
Koch, D., Thaler, S., Zhang, M., Despotovic, M. — Remote Sensing Letters, 15(6):634–6442023
J
Real Estate Pictures: The Role of Furniture Preferences in Subjective Valuation
Thaler, S., Koch, D. — Journal of Housing Research, 32(2):180–2032023
J
Der Einfluss elektrischer Leitungsanlagen auf den Marktwert von Immobilien
Koch, D., Thaler, S. — Der Sachverständige, 1(46):19–262022
J
Where Do University Graduates Live? A Computer Vision Approach Using Satellite Images
Koch, D., Despotovic, M., Thaler, S., Zeppelzauer, M. — Applied Intelligence, 51:8088–81052021
J
Order vs. Disorder — The Impact on Value Estimates of Durable Consumption Goods
Koch, D., Thaler, S., Mayr, R. — Applied Economics Letters, 28(19):1635–16402020
W
AI-Ordered Images in Real Estate Advertisements and Their Effect on Perceived Value
Romero, M., Seiler, M. J., Thaler, S.2024
W
Enhancing Automated Valuation Model Validation Using Crowd-Based Condition Assessment
Koch, D., Thaler, S.2024
W
The Impact of Powerlines on Property Prices — Evidence from Austria
Koch, D., Thaler, S.2023
W
Building Photo Classification for Automated Real Estate Valuation
Koch, D., Despotovic, M., Thaler, S., Zhang, M.2023
C
Wisdom of Crowd vs. AI: Comparing Condition Assessment Approaches for Residential Properties
Ahmed, F., Koch, D., Thaler, S. — ERES Annual Conference, Athens2025
C
Building Footprints and Their Role in Automated Valuation Models
Franke, M., Calainho, M., Thaler, S. — ERES Annual Conference, Athens2025
C
AVM Validation via Crowd-Based Condition Assessment
Koch, D., Thaler, S. — ERES Annual Conference, Gdańsk2024
C
Single-Family House Condition Assessment: Laymen vs. Expert Valuers
Thaler, S., Koch, D. — ERES Annual Conference, London2023
C
House Condition Assessment Using Crowd-Based Data
Thaler, S., Koch, D. — ERSA Conference, Alicante2023
C
Single Family House Assessment Based on Building Photos
Thaler, S. — ERES Annual Conference, Milan2022
C
The Influence of Map Detail on Socio-Economic Prediction
Koch, D., Thaler, S., Zhang, M., Despotovic, M. — ERSA Conference, Online2021
C
The Role of Furniture in Flat Valuations
Thaler, S., Koch, D. — ERES Annual Conference, Online2021
C
Building Photo Classification for Real Estate Valuation
Koch, D., Thaler, S., Zhang, M., Despotovic, M. — ERES Annual Conference, Online2021
PhD
The Influence of Images in Real Estate Value Assessment
PhD Thesis — University of Innsbruck2023
MSc
Loss Aversion in the Finance Industry
MSc Thesis — University of Innsbruck2017
BSc
The Impact of High Frequency Trading on Financial Markets
BSc Thesis — University of Innsbruck2015

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Curriculum Vitae

Experience & Education

Current Positions

2025–now
Research Fellow

Henley Business School, University of Reading, UK

2025–now
Innovation Manager

Data Science Service GmbH, Vienna, Austria

2025–now
Affiliated Researcher

Vienna University of Economics and Business (WU), Austria

Previous Positions

2025–2026
Postdoctoral Researcher

IREBS — Institute of Real Estate Economics, University of Regensburg, Germany

2024–2026
Adjunct Lecturer

FH Kufstein — Kufstein University of Applied Sciences, Austria

2024–2025
Lecturer

Henley Business School, University of Reading, UK

2023–2024
Lecturer & R&D Coordinator

FH Kufstein, Austria

2022–2023
PhD Network President

European Real Estate Society (ERES)

2020–2022
Research Assistant

FH Kufstein, Austria

2018–2019
Sales Associate

Scalable Capital, Munich, Germany

2017–2018
Teaching Assistant

University of Arizona, Tucson, USA

Education

2020–2023
PhD, Economics
Doctor of Philosophy
University of Innsbruck · Supervisors: J. Huber & G. Maier
2017–2018
PhD (partial), Economics
Exchange / Visiting PhD Researcher
University of Arizona, Tucson, USA
2015–2017
MSc, Banking and Finance
Master of Science
University of Innsbruck
2011–2015
BSc, Economics
Bachelor of Science
University of Innsbruck

Service & Leadership

2026
Conference Co-Organiser

ERES Annual Conference 2026, Vienna, Austria

2024–now
Board Member

European Real Estate Society (ERES)

2022–2023
PhD Network President

European Real Estate Society (ERES)

ongoing
Peer Reviewer

ReCapNet – Real Estate Markets and Capital Markets Network

Get in Touch

Contact

I welcome collaborations with researchers and practitioners in real estate valuation, behavioural economics, and AI-driven data analysis. Whether you're interested in joint research, speaking invitations, or consultancy, feel free to reach out.

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Primary AffiliationHenley Business School, University of Reading, UK
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Also AffiliatedVienna University of Economics and Business (WU)
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Email
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LocationVienna, Austria · Reading, United Kingdom