Cheung, Ka Shing; Chan, TszKin Julian; Li, Sijie; Yiu, … - In: Journal of Risk and Financial Management 14 (2021) 9, pp. 1-22
, behavioral economists argue that the premium is due to buyer anchoring biases in relation to the information. Both theories … omitted variable biases, non-local buyers (sellers) are found to buy (sell) at a higher (lower) price than their local … intervention. The result implies that the hypothesis of anchoring biases is dominant. …