Testing for reference dependence: an application to the art market
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...
| Główni autorzy: | , |
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| Format: | Working paper |
| Wydane: |
University of Oxford
2005
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