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Loss Aversion and Seller Behaviour: Evidence from the Housing Market
Genesove, David; Mayer, Christopher - C.E.P.R. Discussion Papers - 2001
’s expected selling price and their original purchase price; (2) attain higher selling prices of 3-18% of that difference; and (3 …) exhibit a much lower sale hazard than other sellers. The list price results are twice as large for owner-occupants as for … investors, but hold for both. These findings are consistent with prospect theory and help explain the positive price …
Persistent link: https://www.econbiz.de/10005136421
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Performance Measurement with Loss Aversion
Gemmill, Gordon T; Hwang, Soosung; Salmon, Mark - C.E.P.R. Discussion Papers - 2005
price. When applying the loss-aversion performance measure to closed-end funds, we find that it gives significantly …
Persistent link: https://www.econbiz.de/10005114253
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Testing for Reference Dependence: An Application to the Art Market
Beggs, Alan; Graddy, Kathryn - C.E.P.R. Discussion Papers - 2005
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...
Persistent link: https://www.econbiz.de/10005661640
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Aspirations, Well-being, Risk-Aversion and Loss-Aversion
Koedijk, Kees; Pownall, Rachel A J; Statman, Meir - C.E.P.R. Discussion Papers - 2012
Financial well-being is distinct from income. Some people with high incomes suffer low financial well-being, as their incomes fall short of their aspirations. Such people feel propelled to reach their aspirations by taking risk and willing to bear losses. Conversely, some people with low incomes...
Persistent link: https://www.econbiz.de/10011083480
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Perceiving Prospects Properly
Steiner, Jakub; Stewart, Colin - C.E.P.R. Discussion Papers - 2014
When an agent chooses between prospects, noise in information processing generates an effect akin to the winner’s curse. Statistically unbiased perception systematically overvalues the chosen action because it fails to account for the possibility that noise is responsible for making the...
Persistent link: https://www.econbiz.de/10011083577
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Keep Up With the Winners: Experimental Evidence on Risk Taking, Asset Integration, and Peer Effects
Fafchamps, Marcel; Kebede, Bereket; Zizzo, Daniel John - C.E.P.R. Discussion Papers - 2013
experiment affects risk taking. We find some evidence of imitation of the risk taking behavior of others that is distinct from …
Persistent link: https://www.econbiz.de/10011084146
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Loss Aversion and the Asymmetric Transmission of Monetary Policy
Gaffeo, Edoardo; Petrella, Ivan; Pfajfar, Damjan; … - C.E.P.R. Discussion Papers - 2014
in economic activity, while price responses display no sizeable asymmetry. To rationalize these facts we develop a …
Persistent link: https://www.econbiz.de/10011084378
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Choosing the Stick or the Carrot? Endogenous Institutional Choice in Social Dilemma Situations
Haigner, Stefan; Kocher, Martin; Sutter, Matthias - C.E.P.R. Discussion Papers - 2006
We analyse an experimental public goods game in which group members can endogenously determine whether they want to supplement a standard voluntary contribution mechanism with the possibility of rewarding or punishing other group members. We find a large and positive effect of endogenous...
Persistent link: https://www.econbiz.de/10005114368
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Relational Warm Glow and Giving in Social Groups
Scharf, Kimberley; Smith, Sarah - C.E.P.R. Discussion Papers - 2014
between social group size and fundraising outcomes: (i) a positive relationship between group size and the total number of …
Persistent link: https://www.econbiz.de/10011084626
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Wage Structure and Public Sector Employment: Sweden versus the United States 1970-2002
Domeij, David; Ljungqvist, Lars - C.E.P.R. Discussion Papers - 2006
Swedish census data and tax records reveal an astonishing wage compression; the Swedish skill premium fell by more than 30 percent between 1970 and 1990 while the U.S. skill premium, after an initial decline in the 1970s, rose by 8-10 percent. Since then both skill premia have increased by...
Persistent link: https://www.econbiz.de/10005661889