The finding suggests that prestige is overvalued in hiring decisions and that academic researchers have little opportunity to obtain jobs at institutions considered more elite than the ones at which they were trained.
According to Emerson, we should avoid conforming to the judgments and expectations of others, as overvaluing other people's opinions prevents us from living authentically.
Thanks largely to their big cities, housing appears to be more than 40% overvalued in Australia, Britain and Canada, according to the average of our two measures.
The pitch is that these markets are growing and there aren't as many investors operating in the region so there are potentially outsized returns to be made while markets in the west are overvalued.