Testing for reference dependence: an application to the art market

Testing for reference dependence: an application to the art market

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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...

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Dettagli Bibliografici
Autori principali:	Beggs, A, Graddy, K
Natura:	Working paper
Pubblicazione:	University of Oxford 2005

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