Anchored in the past: Persistent price effects of obsolete vineyard ratings in France

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• 作者：Olivier Gergaud^a ; ^{olivier.gergaud@kedgebs.com} ; Andrew J. Plantinga^b ; ^{plantinga@bren.ucsb.edu} ; Aurelie Ringeval-Deluze^c ; ^{aurelie.ringeval-deluze@univ-reims.fr}
• 关键词：Anchoring ; Behavioral economics ; Hedonic price model
• 刊名：Journal of Economic Behavior & Organization
• 出版年：2017
• 出版时间：January 2017
• 年：2017
• 卷：133
• 期：Complete
• 页码：39-51
• 全文大小：1161 K
• 卷排序：133

文摘

There is relatively little evidence for anchoring in actual markets. We test for anchoring on prices set under an obsolete vineyard rating system. An IV strategy is used to control for time-varying unobservable factors. Results show that current grape and vineyard prices are anchored on past prices. The anchor has persistent effects on prices many years after it became obsolete.