Residential College | false |
Status | 已發表Published |
Anchoring effects in repeated auctions of homogeneous objects: Evidence from Macao | |
Peter M.W. Chui; Lawrence Hoc Nang Fong; Jinjuan Ren; Lewis H.K. Tam | |
2022-06 | |
Source Publication | Journal of Economic Psychology |
ABS Journal Level | 2 |
ISSN | 0167-4870 |
Volume | 90Pages:102514 |
Abstract | We provide evidence of anchoring effects from the sealed-bid auctions of vehicle plates in Macao. Vehicle plates are homogeneous in use value and differ only in character and numerical sequences. Nevertheless, vehicle plates with particular numerical sequences are consistently and repeatedly auctioned off in Macao, thus providing unique panel data that facilitate the identification of an anchoring effect. We adopt a hedonic pricing model to estimate the rational price of vehicle plates. We find that when bidding on a numerical sequence, bidders anchor on the winning bid in the previous auction, which result in continuation of the winning bid price. |
Keyword | Anchoring Auction Hedonic Pricing Sealed Bid Vehicle Plates |
DOI | 10.1016/j.joep.2022.102514 |
URL | View the original |
Indexed By | SSCI |
Language | 英語English |
WOS Research Area | Business & Economics ; Psychology |
WOS Subject | Economics;psychology, Multidisciplinary |
WOS ID | WOS:000787551100003 |
Publisher | ELSEVIER, RADARWEG 29, 1043 NX AMSTERDAM, NETHERLANDS |
Scopus ID | 2-s2.0-85127050646 |
Fulltext Access | |
Citation statistics | |
Document Type | Journal article |
Collection | DEPARTMENT OF FINANCE AND BUSINESS ECONOMICS Faculty of Business Administration DEPARTMENT OF INTEGRATED RESORT AND TOURISM MANAGEMENT |
Corresponding Author | Lewis H.K. Tam |
Affiliation | Faculty of Business Administration, University of Macau, Taipa, Avenida da Universidade, Macau, China |
First Author Affilication | Faculty of Business Administration |
Corresponding Author Affilication | Faculty of Business Administration |
Recommended Citation GB/T 7714 | Peter M.W. Chui,Lawrence Hoc Nang Fong,Jinjuan Ren,et al. Anchoring effects in repeated auctions of homogeneous objects: Evidence from Macao[J]. Journal of Economic Psychology, 2022, 90, 102514. |
APA | Peter M.W. Chui., Lawrence Hoc Nang Fong., Jinjuan Ren., & Lewis H.K. Tam (2022). Anchoring effects in repeated auctions of homogeneous objects: Evidence from Macao. Journal of Economic Psychology, 90, 102514. |
MLA | Peter M.W. Chui,et al."Anchoring effects in repeated auctions of homogeneous objects: Evidence from Macao".Journal of Economic Psychology 90(2022):102514. |
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