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The pricing of digital art
Chen, Yi-Hsuan; Kräussl, Roman; Verwijmeren, Patrick - 2023
The intersection of recent advancements in generative artificial intelligence and blockchain technology has propelled digital art into the spotlight. Digital art pricing recognizes that owners derive utility beyond the artwork's inherent value. We incorporate the consumption utility associated...
Persistent link: https://www.econbiz.de/10014455255
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On the equilibrium and welfare consequences of "keeping up with the Joneses"
Gavrel, Frédéric; Rebière, Thérèse - 2015
This paper provides an analysis of the social consequences of people seeking to keep up with the Joneses. All individuals attempt to reach a higher rank than the Joneses, including the Joneses themselves. This attitude gives rise to an equilibrium in which all individuals have equal utilities...
Persistent link: https://www.econbiz.de/10010528644
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Jealous of the Joneses : Conspicuous Consumption, Inequality, and Crime
Hicks, Daniel L. - 2012
Empirical research on the relationship between economic inequality and crime has focused on income inequality, despite the fact that income is not easily observed. We extend this literature by shifting the focus from income to its visible manifestation – conspicuous consumption. Using...
Persistent link: https://www.econbiz.de/10013099144
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On the Equilibrium and Welfare Consequences of 'Keeping Up with the Joneses'
Gavrel, Frédéric - 2015
This paper provides an analysis of the social consequences of people seeking to keep up with the Joneses. All individuals attempt to reach a higher rank than the Joneses, including the Joneses themselves. This attitude gives rise to an equilibrium in which all individuals have equal utilities...
Persistent link: https://www.econbiz.de/10013022644
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Do experimental auction estimates pass the scope test?
Loureiro, Maria L.; Gracia, Azucena; Nayga, Rodolfo M. - In: Journal of Economic Psychology 37 (2013) C, pp. 7-17
Scope insensitivity is a popular anomaly in many valuation studies. Although scope insensitivity is a problem that may … be present in any valuation method, most previous literature has focused on evaluating scope sensitivity within the … context of contingent valuation applications. Nevertheless, it is necessary to understand the demand-revealing properties of …
Persistent link: https://www.econbiz.de/10010679027
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Evaluation of Growing Business: Which Method, What Risks?
Lantz, Jean-Sebastien; Hikkerova, Lubica; Mili, Mehdi; … - Institut de Préparation à l'Administration et à la … - 2014
Evaluate a growing company is always a difficult exercise because the valuation depends on the appreciation of many …
Persistent link: https://www.econbiz.de/10010891118
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Measuring the social discount rate under uncertainty : a methodology and application
Ahsan, Syed; Tsigaris, Panagiotis Demetrios - 2002
It is well recognised that the issue of the social rate of discount applies only to the gains from public investment that accrues to the public sector. When it comes to measurement, however, there is a problem: public investment in infrastructure and the like do not usually yield direct...
Persistent link: https://www.econbiz.de/10011514079
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The executive turnover risk premium
Peters, Florian; Wagner, Alexander F. - 2009
We establish that CEOs of companies experiencing volatile industry conditions are more likely to be dismissed. At the same time, industry risk is, accounting for various other factors, unlikely to be associated with CEO compensation other than through dismissal risk. Using this identification...
Persistent link: https://www.econbiz.de/10003961496
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What does it take for a specific prospect theory type household to engage in risky investment?
Hlouskova, Jaroslava; Tsigaris, Panagiotis Demetrios - 2012
This research note examines the conditions which will induce a prospect theory type investor, whose reference level is set by 'playing it safe', to invest in a risky asset. The conditions indicate that this type of investor requires a large equity premium to invest in risky assets. However, once...
Persistent link: https://www.econbiz.de/10009683962
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Do wages really compensate for risk aversion and skewness affection?
Hartog, Joop; Vijverberg, Wim P. M. - 2002
Utility theory suggests that foreseeable risk should increase the compensation for work. This paper expands on this notion: on basis of utility theory, people should care not only about risk but also about the skewness in the distribution of the compensation paid. In particular, because the...
Persistent link: https://www.econbiz.de/10011405939