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The Value of Superstitions

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Author Info
Ng, Travis
Chong, Terence
Xin, Du

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Abstract

This paper estimates the value of superstitions by studying the auctions of vehicle license plates. We show that the value of superstitions is economically significant, which in turn justifies their persistence in human civilization. We also show that such a value, though based inherently on irrational beliefs, would respond to changes in a manner consistent with economic intuition. In addition, the paper contributes to the recently-heated debate on whether recessions draw people to churches; our results are consistent with people being more superstitious in bad times.

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File URL: http://mpra.ub.uni-muenchen.de/13575/
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Publisher Info
Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 13575.

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Date of creation: Feb 2009
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Handle: RePEc:pra:mprapa:13575

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Related research
Keywords: Superstitions; Auction;

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Find related papers by JEL classification:
D46 - Microeconomics - - Market Structure and Pricing - - - Value Theory
D44 - Microeconomics - - Market Structure and Pricing - - - Auctions

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Drew Fudenberg & David K. Levine, 2006. "Superstition and Rational Learning," Harvard Institute of Economic Research Working Papers 2114, Harvard - Institute of Economic Research. [Downloadable!]
    Other versions:
  2. Thomas Kramer & Lauren Block, 2008. "Conscious and Nonconscious Components of Superstitious Beliefs in Judgment and Decision Making," Journal of Consumer Research: An Interdisciplinary Quarterly, University of Chicago Press, vol. 34(6), pages 783-793, October. [Downloadable!] (restricted)
  3. Hristos Doucouliagos, 2004. "Number preference in Australian stocks," Applied Financial Economics, Taylor and Francis Journals, vol. 14(1), pages 43-54, January. [Downloadable!] (restricted)
  4. Rosen, Sherwin, 1974. "Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition," Journal of Political Economy, University of Chicago Press, vol. 82(1), pages 34-55, Jan.-Feb.. [Downloadable!] (restricted)
  5. Steven C. Bourassa & Vincent S. Peng, 1999. "Hedonic Prices and House Numbers: The Influence of Feng Shui," International Real Estate Review, Asian Real Estate Society, vol. 2(1), pages 79-93. [Downloadable!]
  6. Woo, Chi-Keung & Horowitz, Ira & Luk, Stephen & Lai, Aaron, 2008. "Willingness to pay and nuanced cultural cues: Evidence from Hong Kong's license-plate auction market," Journal of Economic Psychology, Elsevier, vol. 29(1), pages 35-53, February. [Downloadable!] (restricted)
  7. Rod Garratt & Thomas Tröger, 2006. "Speculation in Standard Auctions with Resale," Econometrica, Econometric Society, vol. 74(3), pages 753-769, 05. [Downloadable!] (restricted)
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  8. Kelvin J. Lancaster, 1966. "A New Approach to Consumer Theory," Journal of Political Economy, University of Chicago Press, vol. 74, pages 132. [Downloadable!] (restricted)
  9. Woo, Chi-Keung & Kwok, Raymond H. F., 1994. "Vanity, superstition and auction price," Economics Letters, Elsevier, vol. 44(4), pages 389-395, April. [Downloadable!] (restricted)
  10. Patrick Bajari & Ali Hortacsu, 2004. "Economic Insights from Internet Auctions," Journal of Economic Literature, American Economic Association, vol. 42(2), pages 457-486, June. [Downloadable!] (restricted)
  11. Biddle, Jeff, 1991. "A Bandwagon Effect in Personalized License Plates?," Economic Inquiry, Oxford University Press, vol. 29(2), pages 375-88, April.
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This page was last updated on 2009-11-26.

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