Seasonal affective disorder and seasoned art auction prices: New evidence from old masters

Doron Kliger; Yaron Raviv; Joshua Rosett; Thomas Bayer; John Page

doi:10.1016/j.socec.2015.10.003

Seasonal affective disorder and seasoned art auction prices: New evidence from old masters

Doron Kliger, Yaron Raviv, Joshua Rosett, Thomas Bayer, John Page

Department of Economics

Research output: Contribution to journal › Article › peer-review

Abstract

Psychological evidence predicts that environmental conditions such as seasons and weather are associated with mood and the finance literature has documented links between them and daily stock market returns. In this paper we examine how these conditions affect art auction prices in England during 1756-1909. We find that the amount of daylight on the auction day has a significant positive effect on selling prices in all our model specifications. In addition, we find in some specifications direct positive effects stemming from the hours of sunshine during the day, precipitation, temperatures, and whether daylight hours are getting longer or shorter.

Original language	English
Pages (from-to)	74-84
Number of pages	11
Journal	Journal of Behavioral and Experimental Economics
Volume	59
DOIs	https://doi.org/10.1016/j.socec.2015.10.003
State	Published - 1 Dec 2015

Bibliographical note

Publisher Copyright:
© 2015.

Keywords

Auctions
Behavioral economics
Mood
Seasonal affective disorder (SAD)
Weather

ASJC Scopus subject areas

Applied Psychology
General Social Sciences
Economics and Econometrics

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10.1016/j.socec.2015.10.003

Cite this

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AB - Psychological evidence predicts that environmental conditions such as seasons and weather are associated with mood and the finance literature has documented links between them and daily stock market returns. In this paper we examine how these conditions affect art auction prices in England during 1756-1909. We find that the amount of daylight on the auction day has a significant positive effect on selling prices in all our model specifications. In addition, we find in some specifications direct positive effects stemming from the hours of sunshine during the day, precipitation, temperatures, and whether daylight hours are getting longer or shorter.

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Seasonal affective disorder and seasoned art auction prices: New evidence from old masters

Abstract

Bibliographical note

Keywords

ASJC Scopus subject areas

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