Replication data for: Anchoring Effects: Evidence from Art Auctions

This paper shows that the price of a painting sold at an art auction and the experts' pre-sale valuations are anchored on the price at which the painting previously sold at auction. We are able to separate anchoring from rational learning by using the identifying strategy that the unobservable component of quality for a particular painting remains constant between the last auction sale and the current auction sale. We interpret these results as anchoring on the part of the buyers, with the sellers and auctioneers either anticipating anchoring on the part of the buyers or exhibiting anchoring effects themselves. (JEL D44, Z11)

本文研究发现，艺术拍卖中成交的画作成交价与专家预估价均锚定于该画作此前的拍卖成交价。我们通过采用如下识别策略，将锚定效应与理性学习加以区分：特定画作的不可观测质量维度在其上次拍卖与本次拍卖之间保持恒定。我们将上述结果解读为买家存在锚定行为，而卖家与拍卖师要么预判到买家的锚定行为，自身也展现出锚定效应。（JEL D44, Z11）