基于性别差异的拍卖行为和定价机制研究  

Research on Auction Behavior and Pricing Mechanism Based on Gender Difference

作　　者：李赫美 王汀汀[1] 张馨月 Hemei Li;Tingting Wang;Xinyue Zhang(School of Finance,Central University of Finance and Economics,Beijing)

机构地区：[1]中央财经大学金融学院,北京

出　　处：《金融》2017年第4期227-237,共11页Finance

摘　　要：本文基于行为金融学的思路,研究拍卖市场上,性别差异对个体决策行为和最终交易价格的影响。文章选用中央电视台财经频道《一槌定音》的模拟交易数据进行检验,结果发现:第一,女性拍卖者厌恶损失,由于沉没成本的存在不轻易退出竞拍交易;第二,女性拍卖者对外界信息反应不敏感,对拍卖品的价值判断一旦形成,不轻易受外界信息如专家点评、竞买人砸价等因素的影响,心理预期价格相对稳定;第三,从对负面信息作出的反应来看,女性拍卖者相对缺乏经验,表现为更易受负面信息影响向下调整预期拍卖价格。第四,女性拍卖者的成交价格都普遍偏低。Based on behavioral finance, this paper studies the influence of gender difference on individual behavior and transaction price in the auction market. The study selected the simulated transac-tion data from a program of CCTV financial channel to examine and found: first, female auc-tioneers abhor losses and are not easily withdrawn from the auction because of sunk costs;second, female auctioneer is not sensitive to external information, once the judgment of good value formed, she is not easily affected by external information;third, female participant is lack of experience and easily affected by negative market information;forth, the auction prices for female auctioneers are generally lower than male auctioneers.

关 键 词：拍卖定价 性别差异 投资行为 信号传递 

分 类 号：F2[经济管理—国民经济]