Gendered Prices

Can culture affect prices? A cross-cultural study of shopping and retail prices

Renee Adams, Roman Kräussl, Marco Navone, Patrick Verwijmeren and Stijn Van Nieuwerburgh

The Review of Financial Studies, 2021, vol. 34, issue 8, 3789-3839

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.

JEL-codes: D44 J16 Z11 (search for similar items in EconPapers)
Date: 2021
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Citations: View citations in EconPapers (7)

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