Empirical evidence of anchoring and loss aversion from art auctions

Autor:	Kathryn Graddy, Lara Loewenstein, Jianping Mei, Mike Moses, Rachel A. J. Pownall
Přispěvatelé:	Finance, RS: GSBE - MACCH, RS: GSBE UM-BIC
Rok vydání:	2022
Předmět:	Loss aversion jel:Z11 Anchoring PRICES Endowment effect WILD BOOTSTRAP Economics Econometrics and Finance (miscellaneous) anchoring loss aversion endowment effect art auctions jel:D44 PREFERENCES jel:D03 Art auctions
Zdroj:	Journal of Cultural Economics, 47, 279-301. Springer Verlag
ISSN:	1573-6997 0885-2545
DOI:	10.1007/s10824-022-09459-2
Popis:	We find evidence for the behavioral biases of anchoring and loss aversion. We find that anchoring is more important for items that are resold quickly, and we find that the effect of loss aversion increases with the time that a painting is held. The evidence in favor of anchoring and loss aversion with this large dataset validates previous results and adds to the empirical evidence a finding of increasing loss aversion with the length a painting is held. We do not find evidence that investors can take advantage of these behavioral biases.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_dedup___::66950958488483629583669b3db116bd https://doi.org/10.1007/s10824-022-09459-2 Zobrazit plný text záznamu Full text from SpringerLink