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measuring the impact of two key variables on this trade-off: capacity restraint and discount on the auction clearing price … consequently, the most predictable auction outcome. There are indications that a discount of 8% may suffice to incentivize …
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We investigate the effect of overreaction in the fine art market. Using a unique sample of auction prices of modern …) auction pricing estimate. Based on the overreaction hypothesis, we predict that overvalued (undervalued) prints generate a …
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