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Replication data for: A Model of Trading in the Art Market

Version
1
Resource Type
Dataset
Creator
  • Lovo, Stefano
  • Spaenjers, Christophe
Publication Date
2018-03-01
Description
  • Abstract

    We present an infinite-horizon model of endogenous trading in the art auction market. Agents make purchase and sale decisions based on the relative magnitude of their private use value in each period. Our model generates endogenous cross-sectional and time-series patterns in investment outcomes. Average returns and buy-in probabilities are negatively correlated with the time between purchase and resale (attempt). Idiosyncratic risk does not converge to zero as the holding period shrinks. Prices and auction volume increase during expansions. Our model finds empirical support in auction data and has implications for selection biases in observed prices and transaction-based price indexes.
Availability
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Relations
  • Is supplement to
    DOI: 10.1257/aer.20160522 (Text)
Publications
  • Lovo, Stefano, and Christophe Spaenjers. “A Model of Trading in the Art Market.” American Economic Review 108, no. 3 (March 2018): 744–74. https://doi.org/10.1257/aer.20160522.
    • ID: 10.1257/aer.20160522 (DOI)

Update Metadata: 2020-05-18 | Issue Number: 2 | Registration Date: 2019-10-12

Lovo, Stefano; Spaenjers, Christophe (2018): Replication data for: A Model of Trading in the Art Market. Version: 1. ICPSR - Interuniversity Consortium for Political and Social Research. Dataset. https://doi.org/10.3886/E113129V1