ANOVA test.

This study calls into question the default computation of the disposition effect that uses the average purchase price as a reference point. We show, through a lab experiment, that the reference price of participants can change depending on the experimental behavioral design that is used. Our results show that for the control group, different reference prices do not show significant differences in the computation of the disposition effect, thus supporting the use of the average purchase price as a reference. However, this is not the case for participants in the treatment group. With the addition of experimental treatment concerning the disclosure of the final balance of the participants, the reference prices to compute the disposition effect showed statistically significant differences. The need to display their results caused these participants to use the first purchase price as a reference point when selling their assets.

本研究对以平均买入价作为参照点的处置效应（disposition effect）默认计算范式提出了质疑。我们通过实验室实验证实，实验参与者的参照价格会因所采用的实验行为设计发生变化。研究结果显示，对于对照组而言，不同参照价格在处置效应的计算中未呈现显著差异，这支持了以平均买入价作为参照点的做法。但对于实验组的参与者，情况并非如此。在加入关于披露参与者最终账户余额的实验处理后，用于计算处置效应的参照价格出现了统计学意义上的显著差异。由于需要展示自身交易结果，这些参与者在出售资产时会将首次买入价作为参照点。