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Anchoring Effects: Evidence from Art Auctions.

Abstract:

This paper shows that the price of a painting sold at an art auction and the experts' pre-sale valuations are anchored on the price at which the painting previously sold at auction. We are able to separate anchoring from rational learning by using the identifying strategy that the unobservable component of quality for a particular painting remains constant between the last auction sale and the current auction sale. We interpret these results as anchoring on the part of the buyers, with the se...

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Publication status:
Published
Peer review status:
Peer reviewed
Version:
Publisher's version

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Publisher copy:
10.1257/aer.99.3.1027

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Institution:
University of Oxford
Kathryn Graddy More by this author
Publisher:
American Economic Association Publisher's website
Journal:
American Economic Review Journal website
Volume:
99
Issue:
3
Publication date:
2009
DOI:
URN:
uuid:61de5b29-b409-4731-a818-b92d2c022985
Local pid:
oai:economics.ouls.ox.ac.uk:14538
Language:
English

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