At the Top of the Mind: Peak Prices and the Disposition Effect

Edika G. Quispe-Torreblanca, David Hume, John Gathergood, G. Loewenstein, Neil Stewart
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引用次数: 1

Abstract

The disposition effect is the reluctance to sell assets at a loss relative to a salient point of reference. Typically, that referent has been assumed to be the purchase price, but other values can also assume prominence as reference points. Drawing on a model of multiple reference points, we test the idea that the peak price achieved by an asset constitutes an additional salient reference point for asset owners that overlaps, and interacts, with the purchase price reference point. We demonstrate this using administrative data documenting price changes and selling decisions for both housing and stocks.
在头脑的顶端:峰值价格和处置效应
处置效应是指不愿在相对于一个显著参考点出现亏损的情况下出售资产。通常,这个参考点被假设为购买价格,但其他值也可以作为参考点。利用多个参考点的模型,我们测试了这样一种观点,即资产达到的峰值价格构成了资产所有者与购买价格参考点重叠和相互作用的额外显著参考点。我们使用记录价格变化和房屋和股票销售决策的管理数据来证明这一点。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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