| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP5018 |
| DP5018 Peer Effects in Austrian Schools | |
| Rudolf Winter-Ebmer; Nicole Schneeweis | |
| 发表日期 | 2005-04-23 |
| 出版年 | 2005 |
| 语种 | 英语 |
| 摘要 | This paper tests for reference dependence, using data from Impressionist and Contemporary Art auctions. We distinguish reference dependence based on ?rule of thumb? learning from reference dependence based on ?rational? learning. Furthermore, we distinguish pure reference dependence from effects due to loss aversion. Thus, we use actual market data to test essential characteristics of Kahneman and Tversky?s Prospect Theory. The main methodological innovations of this paper are firstly, that reference dependence can be identified separately from loss aversion. Secondly, we introduce a consistent non-linear estimator to deal with measurement errors problems involved in testing for loss aversion. In this dataset, we find strong reference dependence but no loss aversion. |
| 主题 | Industrial Organization |
| 关键词 | Loss aversion Reference dependence Art Prospect theory Auctions |
| URL | https://cepr.org/publications/dp5018 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/533916 |
| 推荐引用方式 GB/T 7714 | Rudolf Winter-Ebmer,Nicole Schneeweis. DP5018 Peer Effects in Austrian Schools. 2005. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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