Empirical evidence of anchoring and loss aversion from art auctions

被引：3

作者：

Graddy, Kathryn ^{[1
]}

Loewenstein, Lara ^{[2
]}

Mei, Jianping ^{[3
]}

Moses, Mike ^{[4
]}

Pownall, Rachel A. J. ^{[5
]}

机构：

[1] Brandeis Univ, Waltham, MA USA

[2] Fed Reserve Bank Cleveland, Cleveland, OH 44114 USA

[3] Cheung Kong Grad Sch Business, Beijing, Peoples R China

[4] Beautiful Asset Advisors LLC, New York, NY USA

[5] Maastricht Univ, Maastricht, Netherlands

来源：

JOURNAL OF CULTURAL ECONOMICS | 2023年 / 47卷 / 02期

关键词：

Anchoring; Loss aversion; Endowment effect; Art auctions; PROSPECT-THEORY; WILD BOOTSTRAP; PREFERENCES; PRICES;

D O I：

10.1007/s10824-022-09459-2

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We provide evidence for the behavioral biases of anchoring and loss aversion in paintings sold at auction. We find that anchoring is more important for items that are resold quickly and that the effect of loss aversion increases with the time that a painting is held. This evidence contributes significantly to the empirical evidence of the endowment effect: of increasing loss aversion with the length of holding. However, we do not find evidence that investors can take advantage of these behavioral biases.

引用

页码：279 / 301

页数：23

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