基于性别差异的拍卖行为和定价机制研究.pdfVIP

Finance 金融, 2017, 7(4), 227-237 Published Online September 2017 in Hans. /journal/fin /10.12677/fin.2017.74023 Research on Auction Behavior and Pricing Mechanism Based on Gender Difference Hemei Li, Tingting Wang, Xinyue Zhang School of Finance, Central University of Finance and Economics, Beijing th th th Received: Aug. 26 , 2017; accepted: Sep. 7 , 2017; published: Sep. 13 , 2017 Abstract 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a program of CCTV financial channel to examine and found: first, female auctio- neers abhor losses and are not easily withdrawn from the auction because of sunk costs; second, female auctioneer is not sensitive to external information, once the judgment of good value formed, she is not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 expe- rience and easily affected by negative market information; forth, the auction prices for female auctioneers are generally lower than male auctioneers. Keywords Auction Pricing, Gender Difference, Investment Behavior, Signal Transmission 基于性别差异的拍卖行为和定价机制研究 李赫美，王汀汀，张馨月 中央财经大学金融学院，北京 收稿日期：2017年8月26 日；录用日期：2017年9月7 日；发布日期：2017年9月13 日 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 文章引用: 李赫美, 王汀汀, 张馨月. 基于性别差异的拍卖行为和定价机制研究[J]. 金融, 2017, 7(4): 227-237. DOI: 10.12677/fin.2017.74023 李赫美 等 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，