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Gendered Prices
[Can culture affect prices? A cross-cultural study of shopping and retail prices]

Author

Listed:
  • Renée B Adams
  • Roman Kräussl
  • Marco Navone
  • Patrick Verwijmeren
  • Stijn Van Nieuwerburgh

Abstract

We provide evidence that culture is a source of pricing bias. In a sample of 1.9 million auction transactions in 49 countries, paintings by female artists sell at an unconditional discount of 42.1%. The gender discount increases with measures of country-level gender inequality—even in artist fixed effects regressions. Our results are robust to accounting for potential gender differences in art characteristics and their liquidity. Evidence from two experiments supports the argument that women’s art may sell for less because it is made by women. However, the gender discount reduces over time as gender equality increases.

Suggested Citation

  • Renée B Adams & Roman Kräussl & Marco Navone & Patrick Verwijmeren & Stijn Van Nieuwerburgh, 2021. "Gendered Prices [Can culture affect prices? A cross-cultural study of shopping and retail prices]," The Review of Financial Studies, Society for Financial Studies, vol. 34(8), pages 3789-3839.
    • Handle: RePEc:oup:rfinst:v:34:y:2021:i:8:p:3789-3839.
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    File URL: http://hdl.handle.net/10.1093/rfs/hhab046
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    Other versions of this item:

    • Renée B Adams & Roman Kräussl & Marco Navone & Patrick Verwijmeren, 2021. "Gendered Prices," Published Paper Series 2021-4, Finance Discipline Group, UTS Business School, University of Technology, Sydney.

    Citations

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    Cited by:

    1. Huang, Ying Sophie & Jensen, Tyler K. & Jorgensen, Randy D. & Taylor, Regina M., 2021. "Do ethical perceptions help explain under-representation of women in investment management? A comparison of students from the U.S. and China," Pacific-Basin Finance Journal, Elsevier, vol. 70(C).
    2. Hoang, Daniel & Wiegratz, Kevin, 2022. "Machine learning methods in finance: Recent applications and prospects," Working Paper Series in Economics 158, Karlsruhe Institute of Technology (KIT), Department of Economics and Management.
    3. Yuexin Li & Xiaoyin Ma & Luc Renneboog, 2024. "In Art We Trust," Management Science, INFORMS, vol. 70(1), pages 98-127, January.
    4. Emmanuel Joel Aikins Abakah & Aviral Kumar Tiwari & Emmanuel Kwesi Arthur & Luis Alberiko Gil-Alana, 2023. "The influence of economic policy uncertainty shocks on art market," Applied Economics, Taylor & Francis Journals, vol. 55(29), pages 3404-3421, June.
    5. William N Goetzmann & Christophe Spaenjers & Stijn Van Nieuwerburgh, 2021. "Real and Private-Value Assets [Gendered prices]," The Review of Financial Studies, Society for Financial Studies, vol. 34(8), pages 3497-3526.
    6. Abigail LeBlanc & Stephen Sheppard, 2022. "Women artists: gender, ethnicity, origin and contemporary prices," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 46(3), pages 439-481, September.
    7. Fridgen, Gilbert & Kräussl, Roman & Papageorgiou, Orestis & Tugnetti, Alessandro, 2023. "The fundamental value of art NFTs," CFS Working Paper Series 709, Center for Financial Studies (CFS).

    More about this item

    JEL classification:

    • Z11 - Other Special Topics - - Cultural Economics - - - Economics of the Arts and Literature
    • J16 - Labor and Demographic Economics - - Demographic Economics - - - Economics of Gender; Non-labor Discrimination
    • D44 - Microeconomics - - Market Structure, Pricing, and Design - - - Auctions

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